By: Aminata Sesay
The Minister of Agriculture and Food Security, Dr. Henry Musa Kpaka, has urged commercial banks and microfinance institutions to increase lending to Sierra Leone’s agricultural sector by developing practical incentives to encourage private-sector investment.
He made the call on Monday, 26 October, during a high-level Banking Executives’ Roundtable organised by the Ministry of Agriculture and Food Security (MAFS), the Bank of Sierra Leone (BSL) and the United Nations Capital Development Fund (UNCDF) at the Radisson Blu Hotel in Freetown.
The meeting brought together banking executives, development partners, including the European Union, and other stakeholders to explore ways of improving access to finance for farmers and agribusinesses, particularly those operating in the rice, poultry and onion value chains.
Dr. Kpaka encouraged financial institutions to introduce measures that would make agricultural enterprises more attractive to lenders, stressing the importance of mobilizing investment across the sector, from agricultural inputs and production to processing, storage and trade.
A major focus of the discussions was the €6 million Matching Grant Facility under the European Union-funded Salone Access to Finance programme. The facility combines commercial loans with grants to reduce financing costs and improve access to credit for eligible businesses.
Representatives of participating financial institutions, including Vista Bank and Safe Capital Microfinance, shared their experiences in implementing the facility. They highlighted the importance of maintaining proper financial records, preparing viable business plans and demonstrating reliable business operations to improve enterprises’ chances of securing financing.
The Governor of the Bank of Sierra Leone, Dr. Ibrahim Stevens, reaffirmed the Bank’s commitment to promoting a financial environment that supports increased lending and private-sector investment in agriculture.
Participants also emphasised the need for stronger collaboration among government institutions, financial service providers and development partners to address financing barriers that hinder the growth of agricultural enterprises.
Improved access to finance is expected to help farmers and agribusinesses expand production, strengthen agricultural value chains and create more economic opportunities across the sector.
The roundtable forms part of broader efforts to advance the government’s Feed Salone initiative, which seeks to transform agriculture, increase domestic food production and strengthen food security.
By bringing banking executives and agricultural stakeholders together, the meeting aimed to identify practical financing solutions that would enable farmers and agribusinesses to access the capital needed to expand their operations and contribute to Sierra Leone’s food security goals.