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Browsing: fertilizer value chain
At the close of 2022, between September to December, food prices soared around the world and with no signs of this abating in 2023, countries in Africa will have to move with speed to mitigate a looming food crisis.
Food inflation is particularly pronounced and severe in low-income and middle-income countries. According to most recent sector reports, up to 94.1% of low-income countries around the world suffer food inflation.
With increasing food prices, the cost of living is increasing, and it is no better in lower-middle-income countries of which 92.9% are contending with food inflation.
Also Read: Starvation, death threaten Horn of Africa stability
Even the upper-middle-income countries are also facing food inflation with 89% reporting unprecedented double-digit inflation.
According to the International Monetary Fund (IMF), maize prices in December 2022 went up by 27% while wheat shot up 13% higher compared to the same period in 2021.
As we …
The African Development Bank urged development finance institutions, NGOs, farmer cooperatives and the private sector to come up with more effective financing solutions for Africa’s fertilizer value chains.
The Bank’s call came during the Argus Africa Fertilizer Conference held last week. The theme of the conference was Supporting the fertilizer value chain to improve agricultural productivity and economic growth in the region.
“Appropriate investment and financing of the entire fertilizer value chain has become a precondition for achieving our continental objectives in the area of agricultural development,” said Marie-Claire Kalihangabo, coordinator of the Africa Fertilizer Financing Mechanism(AFFM), during a forum on the sidelines of the Conference.
AFFM is a Fund managed by the African Development Bank to accelerate agriculture development in line with the Bank’s High-5 priority, the Sustainable Development Goals, Africa Food Security Vision and the African Union’s Agenda 2063.