ADB approves $1.5 billion war chest against hunger

ADB approves $1.5 billion war chest against hunger

Nevanji Munyaradzi Chiondegwa

THE African Development Bank Board has approved a USD1,5 billion facility to help avert a looming food crisis that has been exacerbated by the ongoing conflict in Eastern Europe.

Economic sanctions which have been placed on the world’s biggest food producer, Russia, are set to worsen the already bad global food supply ecosystem which has suffered from a blockade of major shipping corridors.

The ADB facility is set to benefit 20 million farmers across Africa who will receive certified seed and appropriate technology to rapidly produce 38 million metric tonnes of food.
The disruption of food supply chains emanating from the Russia-Ukraine war, has seen Africa facing an estimated 30 million metric tonne deficit of critical food supplies, especially wheat, maize, and soybeans which are imported from the two protagonist countries.

The African Emergency Food Production Facility from ADB will increase access to agricultural fertilizers among other inputs to African farmers and enable them to rapidly produce at least 38 million tons of food needed to bridge the gap. This would be a $12 billion increase in food production in just two years.
African Development Bank Group President Dr Akinwumi Adesina said;
“Food aid cannot feed Africa. Africa does not need bowls in hand. Africa needs seeds in the ground, and mechanical harvesters to harvest bountiful food produced locally. Africa will feed itself with pride for there is no dignity in begging for food…”

The price of wheat has soared in Africa by over 45 per cent since the war in Ukraine began. Fertilizer prices have gone up by 300 per cent, and the continent faces a fertilizer shortage of 2 million metric tons.

Many African countries have seen price hikes in bread and other food items such as cooking oil and rice. If this deficit is not accounted for, food production in Africa will decline by at least 20 per cent and the continent could lose over $11 billion in food production value.

The African Development Bank’s $1.5 billion strategy is expected to lead to the production of 11 million tons of wheat, 18 million tons of maize, 6 million tons of rice, and 2.5 million tons of soybeans.

Meanwhile, Zimbabwe is targeting to put 75 000ha of land under wheat this year. The 2021 hectarage of 66 400 ha was the third highest ever in the history of the country. To date, figures from the Ministry of Agriculture reveal a country dedicated and on it’s ay to surpass targets with over 10 000ha planted having been planted so far as compared to 3 000 ha in the same period in previous farming season.

The African Development Bank initiative Is a timely shot in the arm for the African economies, coming at a time when prices are shooting up and especially in Zimbabwe where price increases have been used by anti-government activist forces as a regime change tool.

Coming at a time when most SADC countries are heading for elections, the facility will go a long way in defeating the double scourge of food shortage and the Covid-19 driven economic stagnation.