Africa Needs Up to $65 Billion in Loans Every Year to Curb Food Imports
- Africa currently imports $75 billion worth of cereals yearly
- War in Ukraine has exposed weaknesses in continent’s economies
A farmer takes part in wheat harvest in Bamha, Egypt.
Photographer: Khaled Desouki/AFP/Getty ImagesThis article is for subscribers only.
Farmers in Africa will need as much as $65 billion in loans annually to produce enough food to curb imports and cushion their economies from external shocks.
The continent imports over 100 million metric tons of cereals at an annual cost of $75 billion, the African Development Bank said in a statement. Recent spikes in inflation, including increases in food prices following Russia’s invasion of Ukraine, further demonstrate Africa’s over-reliance on imports of food staples and agricultural inputs, it said.