Africa imported $50bn worth of food last year


Africa imported $50 billion worth of food from other continents in 2015, alone, agribusiness development expert Dan Acquaye has revealed.

The Executive Director of Agribusiness in Sustainable Natural African Plant Products (ASNAPP) told Roderick Nii Lante Wellington on Class91.3fm’s Closing Bell business programme that “Ghana’s food import bill was about $1.6 billion” for last year.

“So, it is sad. The good part is that it shows us that there is still huge opportunity for people who want to invest in agribusiness,” he said Wednesday April 6.

According to Mr Acquaye, “agricultural accounts for 40 per cent of the foreign exchange of the African continent” and “…half of the world’s uncultivated land is in Africa,” because “Asia is choked” and “America is getting marginalised in terms of available land for production, and the only place in the world that you can actually have land for production is Africa and 50 per cent of that in the world resides in Africa alone”.

He said research has also shown that investment in agriculture “gives you four times return than in investing in any other industry or sector.”

“You can invest in oil, you can invest in gold…think of any investment at all, as long as we are in Africa and sub-Saharan Africa, if you put that same amount of money into agriculture, you get four times the returns,” Mr Acquaye added.


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