(By Deogracious Ogwal) [Photo of Mr. Evans Nakhokho]
The gradual recovery of the economy witnessed in the 3rd quarter of 2020, has contributed to the positive performance of the agricultural sector with prices improving by 5 percentage points.
According to the June 2020 Uganda Bureau of Statistics report, food crop growing activities registered a growth of 4.3 per cent in 2019/2020, compared to the 1.5 per cent growth in 2018/19, while livestock growing activities grew by 7.7 per cent in 2019/2020 compared to 7.3 per cent in 2018/19.
“The 5 percentage points price improvement, is largely attributed to the gradual recovery of activities in the agricultural sector and the economy as a whole, case in point is the improved price of Matooke and other food stuff,” noted Mr. Evans Nakhokho the Chief Manager Agribusiness at Centenary Bank [pictured] during a thought-leadership forum hosted by Bank under the theme: Interventions for Agribusiness Development.
He further commented that; “Financing plays an instrumental role in boosting agricultural activities and the structured ecosystems that focuses on both financial and non-financial services has enabled the utilization of credit extended. This year, we have disbursed close to UGX 600 billion of which 60% has been issued to small holder farmers,” adding that, “Agriculture financing contributes about 12% of the total lending to all sectors in the banking industry which is approximately UGX 2 trillion.