The need to create innovative financing mechanisms for Africa's farmers and revaluate existing ones is becoming increasingly critical as the continent faces compounded challenges, including climate change, low productivity, and conflict.
This was highlighted during a session at the recent 10th African Regional Forum on Sustainable Development (ARFSD), where the industry called on policymakers to assess the needs of farmers and enhance access to funding if they expect Africa to meet the Malabo Commitment to end hunger by 2025, or the Sustainable Development Goals (SDGs) by 2030. Collaborative efforts, private sector engagement and strategic partnerships were identified as key to making an impact and advancing these goals.
The agricultural sector is the economic backbone of Africa, where an estimated 33 million smallholder farms and the farmers who live on them contribute to 70% of the continent's food supply. Africa produces all the principal grains and other diverse crops, including rubber and cocoa in the tropical regions; soya and sorghum on the plateaus; tea, coffee, and flowers in the high-altitude areas; as well as Mediterranean crops.
However, climate phenomena such as El Niño and increasing extreme weather events, due to climate change, such as tropical cyclones, floods and droughts, are decimating crops, and the resilience of the land and its ability to adapt are being pushed to their limits. Meanwhile, the demands on this vital resource are reaching critical thresholds.
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