Finance & Marketing
African farmers need accesses to financial markets.
According to estimates, demand for food will increase by 70% by 2050. This will necessitate annual investments of at least $80 billion to meet this demand. Most of this investment is expected to come from the private sector. While agriculture creates jobs and provides income, African farmers struggle to access financial support. This is inhibiting their ability to grow and expand their yields.
Sustainable development and productive farm techniques mean little if there are no good markets to buy the produce. Poor markets are one of the most pressing issues facing African farmers. The challenge remains how to create, grow and sustain markets.
Africa requires market-based solutions for agricultural development. Philip Kiriro, president of the East Africa Farmers Federation, reiterated this view in a recent panel session at the World Economic Forum on Africa: “We are now seeing agriculture as a business, rather than a philanthropic or social sector.”
Financial and marketing solutions are the challenges for transforming Africa agriculture.
Africa needs to have nothing less than an ‘Agrarian Revolution’ spearheaded by technological innovation and supported by new modalities of finance and marketing.