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Farmers to benefit from loan to cotton purchasing company
07 Jan '09
2 min read
The Ghana Cotton Company Ltd. (GCCL) has received a windfall in form of a contract loan from the Agricultural Development Bank to the tune of GH ¢2.6 million to be released by the Government of Ghana. The loan has been provided with the express purpose of purchasing cotton from the local farmers and also settle outstanding debts of the company.
This is the first time that the government has provided monetary support to help the cotton farmers, who have been crying hoarse on not receiving any kind of support from the government in recent years, which has led to a de-motivation of sorts among the cotton farmers of the country.
The farmers, since long have been complaining of not being able to sell their crop at remunerative prices and also not being able to find sources to dispose off the crop. Things had reached such a situation that farmers of three provinces had threatened to stop growing the crop in face of such adversities.
GCCL is one of the biggest cotton purchasers in the country but has been mired in a financial crisis since long due to which it was not able to fulfill its obligations of buying cotton from the farmers. But now after receiving this loan, the company hopes to once again support the poor cotton farmers of the country, by buying their cotton crop in the current season.
This is the first time that the government has provided monetary support to help the cotton farmers, who have been crying hoarse on not receiving any kind of support from the government in recent years, which has led to a de-motivation of sorts among the cotton farmers of the country.
The farmers, since long have been complaining of not being able to sell their crop at remunerative prices and also not being able to find sources to dispose off the crop. Things had reached such a situation that farmers of three provinces had threatened to stop growing the crop in face of such adversities.
GCCL is one of the biggest cotton purchasers in the country but has been mired in a financial crisis since long due to which it was not able to fulfill its obligations of buying cotton from the farmers. But now after receiving this loan, the company hopes to once again support the poor cotton farmers of the country, by buying their cotton crop in the current season.
Fibre2fashion News Desk - India
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