Stanbic Bank MD highlights need for patient capital in agric at Graphic Business/Stanbic Bank Breakfast Meeting

The Managing Director of Stanbic Bank, Kwamina Asomaning highlighted the critical need for patient capital in the agricultural sector during his speech at the second quarter Graphic Business/Stanbic Bank Breakfast meeting held today in Accra.

The event, themed “Enhancing Agriculture Sufficiency to Tackle Food Inflation,” focused on addressing the challenges facing Ghana’s agricultural sector and exploring solutions to boost productivity and reduce food inflation.

Mr. Asomaning began by acknowledging the significance of agriculture for Stanbic Bank and the broader African continent. "Africa is our home, and we drive our growth," he stated, emphasizing that while the hydrocarbon and extractive industries have traditionally received more attention, agriculture presents a significant opportunity to address pressing issues such as poverty, climate change, and inflation.

He pointed out that agriculture is the "proverbial low-hanging fruit" that can play a crucial role in mitigating these challenges. 

However, he noted that discussions around agriculture often focus on the lack of financing, and he called for a broader conversation to identify other factors that can help unlock the potential of the agricultural sector.

"Agriculture requires a lot of patience," Mr. Asomaning remarked, drawing from his personal experience with backyard farming. He explained that the type of financing typically provided by commercial banks is often not suited to the needs of farmers, who require patient capital to succeed. "Unfortunately, a lot of the financing we provide is impatient in nature," he added, highlighting the need for better alignment between the financial services offered and the requirements of the agricultural sector.

Mr. Asomaning also underscored the importance of addressing issues throughout the agricultural value chain, including post-harvest losses. He shared an example from a recent visit to a national best farmer where he learned about the waste of mangoes due to the inability to sell them at harvest time. 

This, he noted, is just one of many challenges that need to be tackled to improve the sector's efficiency and productivity.

Concluding his speech, Mr. Asomaning expressed his gratitude to the event's partners, including Graphic Communications Group Ltd, and acknowledged the importance of collaborative efforts in addressing agricultural challenges. "I look forward to a very robust discussion," he said, thanking all attendees and partners for their participation.

The event, attended by industry experts, policymakers, and stakeholders, aimed to provide pragmatic insights into enhancing agricultural sufficiency in Ghana, thereby contributing to the broader goal of achieving economic stability and reducing food inflation.