Recalibrating Africa's approach to agriculture

Africa's agricultural sector holds immense potential, not only to feed the continent but also the world. However, to unlock this potential, significant investments and policy reforms are required. In a recent interview on CNBC Africa, Debisi Araba, a Panel Member of the Malabo Montpellier Panel, highlighted key approaches and actionable steps to maximize agricultural productivity across the continent. One central theme discussed was the need to recalibrate Africa's approach to agriculture, focusing on increasing budgetary allocation to agriculture to 10 per cent of national budgets. This target has been a challenge for many countries but is crucial for driving agricultural transformation. Araba emphasized that addressing policy issues and closing the yield gap are fundamental. African countries are currently producing crops at levels below global productivity standards. To bridge this gap, investment in research and science is essential. This includes leveraging institutions such as the African Development Bank's Technologies for African Agriculture Transformation (TAT) program. TAT provides seed capital to research institutions for commercializing innovative products, boosting agricultural innovation and productivity. Furthermore, climate change poses a significant threat to agriculture in Africa. Araba underscored the importance of cohesive policies and actions to mitigate the impact of climate change on agriculture. He commended the efforts of African leaders in promoting climate action, as exhibited during the Africa Climate Action Summit. The summit not only focused on addressing greenhouse gas emissions but also emphasized adaptation strategies to thrive in the face of climate change, a critical aspect for the continent's agricultural resilience. Despite the strong political will and commitment to agricultural development, Araba acknowledged the financial constraints faced by governments. While the African Union has set a target of allocating 10% of national budgets to agriculture, meeting this target remains a challenge. Araba highlighted the need for innovative financial mechanisms, such as blended finance models, to attract private capital and maximize the impact of public spending on agriculture. In discussing the global financial architecture, Araba stressed the importance of African countries also recalibrating their financial strategies. He urged introspection to evaluate the effectiveness of current financial approaches and explore creative avenues for capital mobilization. Araba emphasized the need for fair and equitable access to global financing, calling for collaboration and accountability among all stakeholders to ensure a level playing field for African economies. In conclusion, Araba emphasized the collective responsibility of governments, private sector entities, and global partners in advancing Africa's agricultural transformation. By enhancing investments, implementing supportive policies, and prioritizing climate resilience, Africa can harness its agricultural potential and contribute significantly to global food security.