Regulating agricultural credit for increased productivity and efficiency in an atmosphere of Transparency and Accountability.
Why The Need For Regulations?
From a regulatory perspective the concept of “grow what we eat…eat what we grow” can only be achieved if those that grow what we eat can access the resources to produce what we grow and eat in an atmosphere of transparency and accountability. Effective social and economic regulation must therefore be an essential function of the entire process.
The regulatory function/agency recognizes government as the provider of the basic institutions, rules, laws and by-laws and the arrangements necessary for the satisfactory operation of the modern capitalist/market systems. It also acknowledges the fact that operations of the market sometimes produce results that are cruel and socially unacceptable in their impact on people. Hence the need for protective measures through government’s intervention to protect the vulnerable and promote fairness as competition increases. The Agricultural Credit Board as a regulatory agency is committed to this cause.
With the global concentration and emphasis on food safety and security, Government through the Ministry of Agriculture and Fisheries has taken positive strides in re-visiting the concept “Grow what we eat…eat what we grow”. The peculiarities of the Agriculture Sector as a business however dictate the need for specialist attention in the area of agricultural credit. This function and responsibility cannot be divorced from the Ministry of Agriculture.