Selling peoples' farms could have disastrous consequences - Farmers warn Agribank

March 4, 2018, 4:02pm

Previously disadvantages Namibian farmers who are battling debt collectors for defaulting to pay their Agribank loans have warned against a reversal of the land reform program saying repossession of farms could have dangerous consequences.

The farmers have taken on a political tone in a final effort to hold on to their farms accusing the Agribank CEO for incompetency and failure to resolve the stand off between them and the bank amicably.

They have said on top of the normal interest rates of 10.5%, they are being coerced to pay 2% penalty interest on late payment, 8% commission to debt collectors all totaling 20.5%.

“Is Agribank a loan shark or Development Finance Institution?” they questioned recently engaging with The Villager.

 They added, “We are convinced that AgriBank is insensitive to the question of Land Reform and Government’s commitment to redressing the past imbalances brought about by dispossession of Land. This is despite Government’s deliberate introduction of Affirmative Action loan scheme in 1992, just 2 years after our hard earned independence.”

They said their financial situation is different from White farmers who inherited farms and capital while they are forced to sell their cattle to finish their farm payments.