Stakeholders urge Ghanaian government to implement multi-sector solutions for high food inflation

GHANA- Panelists at the Graphic Business breakfast meeting held on June 25 urged the government to spearhead efforts that would positively impact food inflation through policy coherence, collaboration, and coordination, pivoted on mitigating the current agricultural value chain challenges. 

Mr Kwesi Korboe, CEO of Ghana Incentive-based Risk Sharing for Agric Lending (GIRSAL), cited the recently released Ghana Trade Report, which revealed the country imported GHS26.7 billion (US$1.7 billion) worth of food in 2023. He also highlighted food inflation, which was 22.6% by the end of Q1 2024. 

He reiterated the agricultural sector’s importance in reducing food inflation and bolstering food security. He emphasized the need for the government to encourage the local production of agricultural products, as this would go a long way in improving access to food and setting the country on the path towards net agricultural exports.  

Korboe said, “Agriculture is a multisectoral venture, requiring access to road networks, access to land, water, and finance, so if we want to see Ghana like how Brazil got to where they are today, we’ll need policy coherence, collaboration, and coordination.” 

He asserted that the government needs to view agriculture as an industry that addresses various social needs. Therefore, the government should lead policy interventions that promote research, improve the financial environment, and address issues surrounding climate change. 

The event also featured calls from private sector players to be included In the policy formulation process. 

Nana Yaw Sarpong Siriboe voted 2022 National Best Farmer at the 38th National Farmers’ Day celebrations, urged the government to create an enabling environment for the private sector. 

He said, “Agriculture is not a farmer’s venture; it’s from the farm to the table. Therefore, the government must create an enabling environment for private sector participation along the value chain.” 

However, he praised the second phase of the Planting for Food and Jobs (PFJ) initiative, saying it would enhance food production, increase access to financial services, and reduce food inflation. 

Some stakeholders also called for the government to implement subsidies and other strategies to reduce the cost of farm inputs. 

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