BoT urges farmers to cut harvest losses
MWANZA: THE Bank of Tanzania (BoT) has urged farmers to reduce post-harvest losses by improving seed quality, harvesting practices and storage, saying better handling of produce can raise farm incomes and strengthen access to formal finance.
BoT Mwanza Branch Operations Manager, Mr Johnas Ezekiel said farmers could improve returns by using quality seeds, harvesting crops at the right time and adopting proper storage methods.
Speaking at an event held recently in Ilemela Municipality, Mr Ezekiel also urged farmers to work closely with agricultural extension officers and cooperative societies to address challenges in production, marketing and access to financial services.
He said the central bank would continue supporting economic activity through monetary policy aimed at maintaining price stability and promoting sustainable economic growth, while overseeing banks, financial institutions, payment systems and financial markets.
Mr Ezekiel said BoT was also strengthening access to reliable financial information and working with financial institutions to reduce excessive reliance on loan collateral, which can limit access to credit for many borrowers.
He urged farmers to use formal financial services when buying and selling agricultural, livestock and fishery products, saying this could improve transaction efficiency and strengthen access to financing.
ALSO READ: BoT loan scheme propels agriculture sector growth
“We urge farmers to continue using formal financial services when selling and purchasing agricultural, livestock and fishery products,” he said.
He also encouraged farmers to market their produce through formal channels to secure better prices, reliable markets and timely payments.
Mr Ezekiel said improved agricultural practices, technology and access to financial services were important to strengthening food security and supporting sustainable economic development.
The Bank of Tanzania also manages the country’s foreign exchange and gold reserves and promotes financial inclusion.
