The Africa Agri-Tech Development Forum: Financing the Future of Off-Farm Innovation in Africa
Date & Time:
16th Sep 2021
11:00am ThuAdd to calendar
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In this third event of the Forum we will be asking tough questions around exactly how an enabling environment can be created for private sector investment; one that facilitates and directs capital to the areas of the agricultural value chain that can have the greatest impact, for both short-term recovery and long-term transformation.
Context: COVID-19 has triggered a severe economic contraction in Sub-Saharan Africa, with the economic and social impact of the pandemic on the region amounting to between $37 and $79 billion in estimated output losses in 2020. Across the agricultural sector this has resulted in reduced productivity, weakening supply chains, increased trade tensions, limited job prospects, and growing political and regulatory uncertainty.
With such formidable challenges, economic growth is expected to shrink from 2.4% in 2019 to between -2.1 and -5.1% in 2020, sparking the region’s first recession in 25 years, threatening to reverse hard fought development gains and growth prospects for years to come. This is all against the backdrop of chronic long term underinvestment in agriculture, with experts arguing that as much as $45 billion per year will be needed to harness the power of agriculture and move up the value chain to create jobs and wealth, compared to the $7 billion currently being invested each year.