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The latest Africa Agriculture Status Report (AASR) says that while globally agricultural insurance is a US$2 billion business, Africa accounts for less than two percent of the market/FILE

Kenya

Africa lags behind in agricultural insurance – report

The latest Africa Agriculture Status Report (AASR) says that while globally agricultural insurance is a US$2 billion business, Africa accounts for less than two percent of the market/FILE

NAIROBI, Kenya, Sep 8 – African governments have been asked to stimulate new private public partnerships for more innovative financing and insurance provision which can lead to increased resilience for farmers and their households.

The latest Africa Agriculture Status Report (AASR) says that while globally agricultural insurance is a US$2 billion business, Africa accounts for less than two percent of the market.

Other economic stimulus measures suggested in the report include improving financial regulations, developing better credit-reporting processes, opening up special economic zones, supporting digital warehouse receipt systems and sharing risk with lenders through credit guarantees and matching funds.

The report points out other new opportunities to target support presented by digital technology such as satellite tracking and big data. “These can help locate new high value agri-economic zones and smarter financing and food security polices, especially in the face of climate change,” reads the report.

“Smart support is just as important as scale of support for Africa’s highly diverse group of famers and agribusinesses. To step up their game, businesses needs assistance tailored to distinct groups of viable small farms and agribusinesses at different development stages, rather than blanket support for all,” President of the Alliance for a Green Revolution in Africa (AGRA) Dr Agnes Kalibata.

The report’s authors conclude that although progress is being made, Africa needs to pick up the pace if it is to compete globally and turn itself from importer to exporter by feeding its people with food made in Africa.

“Hopefully the prize of a rapidly growing and valuable market for food made in Africa will spark widespread political will and attract the best business talent to build a high value food sector,” said Kalibata. “This private public partnership will be essential to provide the trinity of high productivity employment, sustainable economic growth and food made in Africa for Africa and the world.”

The report was released this week during the African Green Revolution Forum (AGRF) in Cote d’Ivoire.

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