Khaled Sherif, vice-president of African Development Bank (AfDB), announced new investment strategies like providing high-yielding seeds and making large farms more productive to boost up Africa’s agriculture sector.
According to Sherif, the proposed strategies would effectively alter the market structures around the world in favour of the African farmers of major cash-crops like tea, coffee and cocoa.
The bumper harvest of cocoa has led to excess supply in Cameroon, Ghana and Côte d’Ivoire, where cocoa is the main cash-export crop. This has created a huge dip for the economics of the west African countries, leading to a price loss of US$1.2bn.
Sherif said that the losses could be curbed with proper investment strategies in the continent’s largest cash-crop producing regions like west Africa and east Africa. The strategies like warehousing and improving the value chain infrastructure would effectively control the supply of the crop, and the market booms and busts would be managed. Read more