News in brief: World leaders emphasized the need for increased investments in Africa agriculture sector during a World Economic Forum meeting. They highlighted the severe food insecurity in East Africa, stressed the economic importance of addressing this issue, and advocated for private sector involvement and support for small-scale farmers.
World leaders have made renewed calls for increased investment in Africa’s agricultural sector. They made the call at the meeting of the World Economic Forum.
Leadership Panel – Bridging the Gap: Financing Africa's Agricultural Growth with @akin_adesina (@AfDB_Group), @borgebrende, Scott Nathan (@DFCgov), @jnovogratz (@acumen), @PowerUSAID (@USAID), @WilliamsRuto, @AnneBeathe_ and @SecYellen. #SDIM23 https://t.co/mwNOn3Iyzf
— World Economic Forum (@wef) September 18, 2023
The event had in attendance Kenyan President William Ruto, United States Secretary of the Treasury Janet Yellen, and other top industry leaders.
President Ruto painted a grim picture of the current situation, noting that millions of people in East Africa were facing food insecurity. He added that Africa’s agricultural production is the lowest in the world, which was having a severe impact on nutrition and food security.
Yellen said that food insecurity is not only a humanitarian crisis, but also an economic one. She noted that hunger and poor nutrition undermine health and educational outcomes. Subsequently, she noted that food insecurity contributed to lower productivity and economic growth.
Generally, both speakers stressed the importance of private sector investment in African agriculture. They noted that there were a number of innovative private sector-led initiatives that are helping to improve Africa’s agricultural potential.
Other leaders at the meeting also spoke about the importance of investing in small-scale farmers. Samantha Power, US Agency for International Development (USAID) Administrator, said that the egency’s Feed the Future program aims to connect small-scale farmers with global agribusinesses.
Anne Beathe Tvinnereim, Minister of International Development of Norway, also made her contributions. She linked small-scale farmers, and the food value chain, to ‘greater food sovereignty for African countries.’
President of the African Development Bank (AfDB), Akinwumi Adesina, noted that his bank has launched a $1.5 billion initiative to help Africa feed itself. He said that the initiative is working extremely well, and that it is supporting 24 million farmers to produce 38 million metric tons of food valued at $12 billion.
