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SOUTH African farmers who are looking to mechanise their operations are running into high capital costs, says Absa agribusiness head Ernst Janovsky.
Banks were lending to farmers at prime minus one or prime minus two a few months ago but that has now changed to at least prime plus one as international credit got tighter, Mr Janovsky said.
The announcement of a R105-per-day minimum wage for farm workers by Labour Minister Mildred Oliphant in February has prompted many farmers to move towards mechanisation as they attempt to contain labour costs.
Ms Oliphant’s announcement came in the wake of a strike by farm workers in the Western Cape.
12.07.2013 / Agbiz in the news