The African Union (AU) Private Sector Forum has introduced plans to help Africa grow more of its own food and rely less on imports at the Africa Union Private Sector Forum on October 2nd, 2024. Despite having 65% of the world’s arable land, Africa still imports large amounts of food, which the forum aims to reduce by making farming more efficient and attractive for investors.
The AU forum focused on ways to improve food production across Africa by suggesting changes in policies and finances. Ideas included creating long-term land lease options, offering financial backing for farming projects, and setting up plans to lease farm equipment.
The main suggestions from the forum were;
Long-term Land Leases: The forum proposed changes in land leasing rules, allowing investors to lease land for longer periods from governments, communities, or private landowners. This would encourage investors to make bigger commitments in farming.
Financial Guarantees: To make farming less risky for investors, the AU recommended using public funds to guarantee loans for those who lease land long-term.
Equipment Leasing: The forum advised working with banks to help farmers lease equipment, like tractors, which would be supported by public funding to keep costs lower.
Reducing Taxes and Subsidies: To help farmers save money, the AU suggested suspending some taxes and subsidies on farm equipment and fertilizers, and lowering land registration fees.
Funding for Research: The AU proposed that 15% of public funds go towards agricultural research. This funding could help develop better farming techniques, boost crop production, and improve food security.
Africa has enough farmland to produce more food, yet it still relies on imports. The AU forum aims to change this by making farming more productive and less dependent on outside resources.
The AU’s proposals are designed to help Africa reach food independence and strengthen its agriculture. Governments and private investors are encouraged to consider these recommendations to ensure a more self-reliant and secure food future for the continent.
