Planting the seeds of a vibrant agriculture sector

Despite Bangladesh’s economic progress over the decades, propelled by sectors such as RMG and foreign remittance sent in by our overseas workers, agriculture is still the veritable bedrock of our economy. The contributions of our farmers into building the prosperous nation we now have before us cannot be denied, indeed, there is a case to be made for further support being extended to them on the part of the government.

To that end, remarks made by Bangladesh Bank Governor Ahsan H Mansur, at a recent event for agricultural entrepreneurs, could not have been more timely or pertinent, stating that our nation has progressed on the backs of its farmers and that its future prosperity lies on them as well. Therefore, supporting this sector is not an act of charity but a strategic investment in national stability.

The cornerstone of this support is, as usual, financial access -- the commitment to ensuring agricultural loans reach genuine farmers on easy terms is commendable and must be pursued relentlessly. It goes without saying but, while disbursement targets for banks are important, the focus must shift from quantity to quality and efficacy.

Furthermore, the integration of digital banking into the agrarian economy has been another positive development worth highlighting. Digitization can be a great equalizer, bringing financial services directly to farmers in remote areas, reducing transaction costs, and ensuring transparency in the disbursement of subsidies and loans.

Of course, financial support alone is insufficient without parallel policy enablers, and the government must augment the central bank’s financial efforts with policies that strengthen the entire agricultural value chain. The government, in collaboration with the central bank and private financial institutions, must launch a renewed, holistic, and digitally-driven offensive to empower our farmers.

Agriculture helped plant the seeds of prosperity for Bangladesh, and helping it grow will invariably help us flourish at the same time.