Farmers can now borrow up to Shs20m from any bank without security – BoU

Farmers can now borrow up to Shs20m from any bank without collateral security, Bank of Uganda’s Head of Agricultural Credit Facility, Rosette Bamwine has said.

Bamwine who was speaking at The Uganda We Want summit at the Rivonia Hotel argued that the agricultural sector, despite employing the majority of Ugandans is under productive.

“The reason is because farmers don’t have cheap credit to move from subsistence to commercial farming.”

“Total returns Vs investment in agriculture shows that a farmer gets between Shs100,000 and Shs78,000 from an acre of beans maize respectively. With better inputs, this can triple.”

Bamwine noted that the cheap loans are to enable farmers use better farming methods that will yield better output.

The Uganda We Want is an annual summit where Ugandans deliberate on issues that affect the country and propose solutions.

This year, the summit that was attended by journalists, economists, business leaders, academics and civil society focused on poverty alleviation, improving standards of living, agricultural zoning, the state of security and transformative economic growth.

Exit mobile version