GIRSAL CEO calls for agricultural industrialization to curb food inflation

The Chief Executive Officer of the Ghana Incentive-Based Risk-Sharing System for Agricultural Lending (GIRSAL), Kwesi Korboe, has called for the industrialization of agriculture as a strategic measure to control the rising food inflation in the country.

Speaking at the 2nd quarter Graphic Business/Stanbic Bank Breakfast meeting today in Accra, Mr. Korboe highlighted the impact of food imports on the depreciation of the Ghana cedi.

Addressing attendees, Mr. Korboe mentioned the urgent need for Ghana to boost its agricultural production to mitigate the effects of rapid food inflation, a trend exacerbated since the onset of the COVID-19 pandemic and compounded by global supply chain disruptions and the weakening of the cedi.

"Ghana and Nigeria have experienced depreciation of their currencies, and it is not surprising that food inflation is high because they are major importers of food," Mr. Korboe stated. "So, when food inflation goes up, should we be surprised?" he questioned.

To tackle food inflation effectively, Mr. Korboe asserted, the country must enhance its agricultural productivity to remain competitive.

He urged policymakers to bridge the gap between themselves and farmers to boost grain production, advocating for a collaborative approach between smallholder and large-scale farmers.

"Policies are made by those who are not in the field. Those who are in the field have no way of influencing policy, so we come out with weak projects which are not able to help those in the field," he noted. This disconnect, he argued, results in ineffective initiatives that fail to support the agricultural sector adequately.

Moreover, Mr. Korboe called on the government to take deliberate steps to promote agricultural production by investing in research and development of seeds, improving the financial ecosystem, and addressing climate change challenges. Such measures, he believes, are crucial to creating a sustainable and productive agricultural industry in Ghana.