By Alex Lawrence Koroma
FREETOWN —
Government officials, banks and development partners have discussed ways to increase financing for farmers and agribusinesses at a high-level banking executives’ roundtable held at the Radisson Blu Hotel in Freetown.
The meeting was convened by the Ministry of Agriculture and Food Security (MAFS), the Bank of Sierra Leone (BSL) and the United Nations Capital Development Fund (UNCDF). It brought together executives from commercial banks and microfinance institutions, alongside development partners, including the European Union.
Participants examined investment opportunities across key agricultural value chains, including rice, poultry and onions. Discussions covered the financing needs of businesses at every stage, from purchasing inputs and producing crops to processing, storage and trade. The meeting also considered practical ways to improve access to credit for farmers and agribusinesses.
A central focus was the EUR 6 million Matching Grant Facility under the European Union-funded Salone Access to Finance programme. The facility combines commercial loans with grants, helping to reduce borrowing costs and improve access to finance for eligible businesses.
Representatives of participating financial institutions, including Vista Bank and Safe Capital Microfinance, shared their experiences implementing the facility. They highlighted the importance of sound financial records, viable business plans and reliable business operations in helping agricultural enterprises secure financing.
Agriculture Minister, Dr. Henry Musa Kpaka, invited banking executives to identify incentives and policy measures that could encourage greater private-sector investment in agriculture. Expanding finance, he said, requires practical collaboration between government and financial institutions to address the barriers faced by businesses in the sector.
Bank of Sierra Leone Governor Dr. Ibrahim Stevens reaffirmed the central bank’s commitment to supporting a financial environment that encourages increased lending and private investment in agriculture.
Agricultural businesses often require financing not only to produce crops and raise livestock, but also to store, process and transport their products. Improving access to finance across these stages can help strengthen value chains and create opportunities for businesses to grow.
The roundtable forms part of wider efforts to support the Government’s Feed Salone initiative. By bringing public institutions, lenders and development partners together, the meeting aimed to help unlock investment, strengthen agribusinesses and contribute to improved food security.
Participants’ discussions focused on turning financing opportunities into practical support for eligible enterprises. The organisers said continued cooperation among government, financial institutions and development partners would be important to expanding agricultural lending and encouraging private-sector investment across Sierra Leone’s food and agriculture sectors.
