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FINANCING FOR AGRICULTURE: WUM COUNCIL SUPPORTS LOVING SISTERS MIXED FARMING GROUP WUM

The Mayor of Wum Council, Councillor Dighambong Anthony Mvo, has handed the sum of CFA 1,500,000 million to the Loving Sisters Mixed farming common initiative group CIG Wa-atuo Wum. Handing the envelope to the group president, Mme Sih Marie Zenobia, 2nd Deputy Mayor of Wum Council, cautioned the group executive to use the financial assistance for the purpose for which is it intended, and not to swindle the money of irrelevant issues.

Sih Sabina Ghong, President Loving sisters mixed farming group Wa-atuo-Wum

Speaking on behalf of the Loving sisters mixed farming common initiative group, Mme Sih Sabina Ghong appreciated the kind and timely gesture of the Lord Mayor, who has sent a powerful delegation to wipe their tears away. She assured the 2nd Deputy Mayor that her motherly pieces of advice have not fell on deaf ears. The group according to her, is ready to do whatever it takes to judiciously use the financial assistance for the purpose for which it is intended.

 



Other speakers at the occasion included Ghong Ivo Nju, Afuh Andrew Kedze and Fang Kum Adolf, who all advised the Loving sisters to continue living in peace, promote love and grow help each other for the betterment of tomorrow. They all wished that this group could also act as a springboard for other groups to emulate.

It should be recalled here that access to finance is critical for the growth of the agriculture sector. The shift from subsistence to commercial agricultural production requires funds. However, in Wum municipality, where agriculture is a source of livelihood for over 80 per cent of the rural people, financing for investments in agriculture is scarce, even for large investors. Financial institutions are reluctant to accept the risks prevalent in the agricultural sector, such as droughts, floods, pests and diseases, or the transaction costs of covering large geographical distances. Consequently, although governments are now making efforts to attract investment for agriculture, the lack of understanding of the financial risks and opportunities in agriculture, deprives the sector of much-needed funds to boost production, processing and marketing.

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