In as much as he encourages the youth to delve into farming and agriculture in general, renowned actor, farmer, and politician, John Dumelo has hinted that taking a loan to do this is a very risky move.
According to him, it is important to know the type of farming one wants to engage in before taking any loan to start the business. This, he said, in an interview with Rev. Erskine on the Y- Leaderboard Series on Y107.9FM.
The farming expert said, “If your repayment is over a period of five years, then you know that you can get the loan and some external sources of servicing the loan”.
Then, at the end of the five years, you know that you’ve been able to grow probably 10 acres of coconut which will give you about 2000 or 3000 cedis a month, and then you can recoup whatever you invested in”, he continued.
John Dumelo advised that for every crop, there are certain insects that may come in and destroy the crops, which could cause huge loses, hence it is best to start small when venturing into farming, as it can be very dicey.
In as much as loans can be very risky it shouldn’t discourage young people ho are ambitious to venture this money making business. He believes that a lot interventions should go into agricultural financing especially for small holder farmers who wants to reap the bountiful benefits of farming.
The Ghanaian actor John Dumelo is really doing well for himself, not just in his acting career, but also in businesses like farming. Agriculture has been one sector the actor has spent part of his money on and he has never regretted making these investments, as he sure sees a future in agriculture.