Agriculture in Africa: Achieving 20/20/20 vision
Founded on the principle that agriculture is central to sustainable development, the New Vision for Agriculture was launched in 2011 as a benchmark for agricultural transformation in developing countries worldwide. The New Vision envisions a food system that, wherever it is applied, realises the following:
- a 20% increase each decade in economic growth and opportunity,
- a 20% improvement each decade in agriculture productivity and nutrition,
- a 20% decrease each decade in agriculture’s environmental footprint.
In other words, economic growth, global food security and environmental sustainability are advanced measurably and simultaneously, using market-based approaches to make them happen.
The role of the private sector
The private sector plays a critical role in the strategy for The New Vision, and not surprisingly the initiative is led by 26 global partner companies that span the full food value chain and beyond. One of them is Syngenta International, whose CEO, Michael Mack, is a panelist at this year’s World Economic Forum on Africa, in a debate titled “Agriculture: Investing in Transformation”.
Joining him will be Philip Kiriro (President and Chairman of the Eastern Africa Farmers Federation), Jane Karuku (President of the Alliance for a Green Revolution in Africa) and James Mwangi (Group CEO and Managing Director, Equity Bank) and Hailemariam Dessalegn (Prime Minister of Ethiopia). The panel will tackle such questions as:
- How partnerships in the region are accelerating investment in agriculture
- Private-sector investment
- Bolstering infrastructure
- Developing regional markets and
- Empowering women farmers.
Africa: Tackling the challenge
A number of countries in Africa have begun to tackle the challenge laid down by the New Vision. In Ghana, for instance, agricultural infrastructure is being expanded through an innovative long-term private financing solution. Developed by AgDevCo, the model involves long-term financing being made available at concessionary rates (often by the international community) to partially fund the capital costs of agriculture infrastructure (such as irrigation and land preparation), with a corresponding transformation requirement.
AgDevCo is using this model to create a pool of “patient capital” to build irrigation schemes for smallholders, who then lease part of their unused land to a commercial farm investor. The investor in turn pays back the “patient” capital for the irrigation scheme on behalf of the smallholders. Other examples of significant and innovative financing for agricultural transformation are the Beira Agricultural Growth Corridor Catalytic Fund in Mozambique and The Horn of Africa Risk Transfer for Adaptation (HARITA) in Ethiopia.What are your views on the role of Agriculture in driving transformation in Africa, and how do you see it contributing to delivering on Africa’s promise?
About Femi OkeRelentless passion for creativity and digital acumen to help a professional services firm thrive in the digital space. Femi is an individual with a rich experience on regional African knowledge, its diverse business culture and he understands the continent’s economic drive. He thrives on selfless service and lasting mutually beneficial relationships with colleagues and especially clients encountered in the course of his duties. He is creative, practical and self-motivated with business judgement in corporate, brand and strategic communications, social, digital & traditional media and executive profiling. Roles in the firm include New Media, Digital Communication, Corporate Communication, executive profiling and Brand Management execution. Working on the multi-million dollar Africa high growth market project stands out for femi; besides this, managing all KPMG’s digital communication for the World Economic Forum on Africa is another project that gives him great delight. Femi holds a Masters Degree in Global Marketing from the University of Liverpool.
agricultural growth corridor, agricultural transformation, agriculture, economic growth, empowering women, environment footprint, Ethiopia, food security, food system, Ghana, investing in transformation, investment, New Vision, nutrition, opportunity, private sector, productivity, sustainable development, WEF, World Economic Forum