Experts call for investors to accelerate Africa agric transformation

Africa needs massive investments in agriculture in order to reduce hunger and poverty on the continent, say agricultural experts attending the Grow Africa Investment Forum (GAIF)

GAIF represents the largest gathering of public and private-sector investors in African agriculture, aimed at accelerating inclusive investment in the sector.

The two-day forum kicked off on Tuesday in the Rwandan capital Kigali, ahead of the World Economic Forum on Africa 2016.

The forum seeks to discuss and discover new investment opportunities in agriculture in Africa and find new project partners.

It has brought together about 200 participants from business, government, civil society, international organizations and farmer associations.

Speaking to reporters on the sidelines of the meeting, Agnes Kalibata, president Alliance for a Green Revolution in Africa (AGRA) said that Africa's agriculture sector has struggled to access the financing it needs for sustained growth.

"More investment in Agriculture sector will also require heavy investments in infrastructure such as storage facilities and drying grounds in order to minimise post harvest losses. Investment in agriculture in Africa is still relatively few compared to marginal lands that need to turn into productive lands," she noted.

Kalibata stated that investing in agriculture is one of the most important and effective ways for economic growth and poverty reduction in rural areas where the majority of the world's poor live.

Currently the regions of the world where hunger and poverty are most widespread have recorded declining rates of agricultural investment over the past three decades.

According to UN's Food and Agriculture Organization (FAO), about 83 billion U.S dollars will be needed annually to close the gap between what low and middle income countries have invested in agriculture each year over the last decade.

According to William Asiko, executive director GAIF, yearly investment in agriculture needs to rise by more than 50 percent.

"Eradicating hunger and increasing food production in Africa requires substantial increases in the level of investment in agriculture. We call upon both foreign and local investments to stimulate agricultural growth on the continent," he added.

Asiko noted that about 2.3 billion U.S dollars have been invested in agriculture across the continent by GAIF partners over the past three years.

These investments reached 10 million smallholder farmers with services and contracts in 2015, and created over 30,000 jobs in 2015. Enditem