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Agriculture

Govt releases money to boost maize production

Hon. Frederick Gume, the Minister of State for Cooperatives asked private entrepreneurs and farmers to go to their respective banks and access money. (FILE PHOTO)

KAMPALA- The Ministry of Trade on Tuesday confirmed that the money government promised farmers to raise the price of maize from Shs200 per kilo, to at least shs 500, has already been deposited in different commercial banks and is ready to be accessed by traders.

Speaking to the 13th Private Sector Trade facilitation Expo at UMA grounds, state minister for cooperatives, Mr Frederick Ngobi Agume revealed that the Ministry has already received a confirmation letter from Bank of Uganda directing commercial banks to issue out the money  to entrepreneurs, farmers and maize traders so that they can buy maize at an increased price.

“We urge cooperatives, private entrepreneurs and farmers to go to their respective banks and access this money. This money will help farmers to access funds that they can use for their immediate needs as they wait for maize prices to stabilize,” Ngobi said.

Government recently announced  that it had availed Shs 100Billion to help improve the prices of maize after an outcry from maize farmers, over the low maize prices which had fallen to just Shs150.

However, there was disbelief from traders about who would benefit from this money and how it would be accessed.

The Minister noted that government was in the process of approving the storage system or warehouse where farmers will take their agricultural produce for safe keeping as they wait for prices to go higher.

“At the warehouse, farmers will be given receipts which will act as collateral in any financial institution for financial help. This will help in cases of falling prices” Ngobi said.

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