Government Seeks Increased Bank Financing for Agriculture
Sia Lucy Kannah The Ministry of Agriculture and Food Security (MAFS), the Bank of Sierra Leone (BSL) and the United Nations Capital Development Fund (UNCDF) are seeking increased bank financing and private-sector investment to support the growth of Sierra Leone’s agricultural sector.
The call was made during a high-level Banking Executives’ Roundtable held at the Radisson Blu Hotel in Freetown, which brought together executives from commercial banks and microfinance institutions, development partners and representatives of the European Union to explore practical ways of expanding access to agricultural finance.
Discussions focused on financing opportunities across key agricultural value chains, including rice, poultry and onions. Participants examined funding requirements at different stages of the value chain, from agricultural inputs and production to processing, storage and trade, while exploring measures to improve access to credit for farmers and agribusinesses.
A key focus of the meeting was the €6 million Matching Grant Facility under the European Union-funded Salone Access to Finance programme. The facility combines commercial loans with grants to reduce borrowing costs and improve access to financing for eligible businesses.
Representatives of participating financial institutions, including Vista Bank and Safe Capital Microfinance, shared their experiences in implementing the facility. They highlighted the importance of sound financial records, viable business plans and reliable business operations in helping farmers and agribusinesses secure financing.
Minister of Agriculture and Food Security, Dr Henry Musa Kpaka, urged banking executives to identify incentives and policy measures that could encourage greater investment in agriculture.
The engagement forms part of broader efforts to strengthen collaboration between the agricultural and financial sectors, improve access to credit and mobilise private-sector resources to support agricultural production and business development in Sierra Leone.