KAMPALA —Centenary Bank, under its CenteThoughts program has advised farmers to be keen on the seasons within which they need to finance their agribusinesses.
In an interview with Mr. Evans Nakhokho, the Chief Manager Agribusiness at Centenary Bank, he said that “Agriculture can accelerate the development of the country in terms of boosting personal incomes, creating job opportunities, expanding international trade openings, and an improved standard of living for the population. That’s why it is important to boost the performance of the agricultural sector through shrewd financing.”
“The COVID-19 effects on the Agricultural sector of Uganda have been evident and this has affected very many families and business owners. Considering that many people resorted to practicing small scale farming due to the halt on most of their jobs, there is need to utilize the available resources efficiently and it is also an indication for the government to provide incentives that will support the farmers attain profitable outcome from agriculture,” Nakhokho noted.
According to Pushina Ng’andwe, a World Bank Senior Agriculture Economist “Farmers and producers need greater access to appropriate financial incentives and instruments to overcome the cost barrier adoption of sustainable land management and climate smart agriculture.”
“Agribusiness can be focus on either plants, or animals and the related products with the purpose of churning income, Nakhokho further stated that “Over 70% of the Ugandan population is employed by agriculture sector and over 80% of consumable goods are agricultural based. Those engaged in agriculture include farmers, fertilizer dealers, tractor operators, extension workers, researchers, transporters and traders. Despite the challenges faced with the increase in price of agricultural produce, financial institutions are open and willing to offer finances in terms of loans and also equip the farmers with knowledge through trainings and workshops.”
“I want to encourage farmers to take up the various agricultural loans available in the different categories. We have the Production, Revolving production, Marketing, Farm Asset/ Equipment and Savings linked loans available for the eligible farmers. In case the agribusiness is severely affected by natural disasters, or any conditions out of the applicant’s control, the bank offers an extension on the loan repayment period,” the Chief Agribusiness manager concluded.
