Farmers want Agribank interest arrears cancelled

The Previously Disadvantaged Namibians, a group of commercial farmers, is urging Agribank to consider writing off interest it owes the bank. The group said the drought experienced from 2013 and 2019 severely impacted the operations of farmers and reduced stocking rates at an average of 35%. They also cited recent instances in which state institutions - notably the Namibia Revenue Agency (NamRa) and the Namibia Students Financial Assistance Fund (NSFAF) - pardoned individuals on interest owed.“It is common cause that a few years ago the Inland Revenue Service [now NamRa] wrote off interest on outstanding taxes for those who had balances and were due to pay them. “Recently, NSFAF announced that it had written off about N$2.1 billion in interest on amounts owed by beneficiaries,” the group said.The farmers said cancelling interest arrears would alleviate the burden on loan holders.Relief granted in the pastThe Previously Disadvantaged Namibians also cited examples where the bank had completely written off debts owed to it by farming organisations, amounting to approximately N$350 million. “We are aware of situations in the past where Agribank has taken decisions to completely write off a facility or scheme it was managing on behalf of the state simply to relieve the financial burdens imposed by the products to the farmers, and to enhance the development of the sector.”Among the debt write-offs cited by the group were those afforded to the Drought Animal Power Acceleration Programme (N$20 million), the grape industry in Aussenkehr (N$150 million), the government tractor scheme (N$40 million), domesticated ostrich loans (N$80 million), cotton farmers loans (N$10 million) and Etunda small-scale farmers loans (N$50 million). “Farmers need the interest written off on their outstanding commercial farm land loans to survive the calamities of the last eight years,” the group – which is set to meet with the bank today to map out the way forward – said.Agribank recently said its interest arrears stand at N$500 million and are threatening the sustainability of the bank going forward.

Farmers want Agribank interest arrears cancelled

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Namibian Sun 2025-11-04

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Farmers want Agribank interest arrears cancelled

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Namibian Sun 2025-11-04

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