Agriculture is the key to Africa’s economic recovery.
The African Development Bank expects the sector to generate $1 trillion in profits by 2030.
Therefore, there is a need for bold agricultural reforms that strengthen smallholder farmers and direct investments towards this sector.
Study of the 2022 Alliance for a Green Revolution in Africa entitled Agribusiness Outlook in Africa Access to financial services was listed by 67 percent, infrastructure (transport, water, storage and electricity) by 59 percent, and policy, legal and regulatory environment by 54 percent, among the three main obstacles facing agriculture on the continent.
Among the three obstacles, opening the policy framework and taking actions that prioritize women and youth are crucial to stimulating agricultural production.
While many businesses in the agricultural sector face many challenges, those led by women face enormous and complex challenges that make it almost impossible to operate.
According to IFC, the rationale for addressing gender equality in agribusiness value chain development is compelling, as there is growing evidence that gender-smart solutions in agribusiness can increase the sector’s productivity and profitability and lead to stronger, more integrated value chains.
productivity
If equal employment opportunities are provided to women within this sector, productivity is likely to increase.
Intervention policies must address the challenges that hinder equal opportunities for women and youth in this sector.
Governments and the private sector must deliberately start formulating women-friendly policies in the agribusiness sector to enable them to realize their full potential and help create employment opportunities for youth, especially women.
Enterprise growth
Thus, the MasterCard Foundation Resilience and Prosperity Fund, a seven-year, $126 million fund, aims to support small and medium-sized enterprises across the agribusiness, climate and digital sectors, in 20 countries in sub-Saharan Africa.
The Fund’s primary objective is to unleash enterprise growth, catalyze, scale up and sustain the creation of dignified and fulfilling employment opportunities for young men and women.
The Fund launched the Agribusiness Challenge Fund, which calls for proposals from SMEs in the agricultural sector that can create large-scale employment opportunities for young people, especially young women.
The author is Director of the KPMG East Africa MasterCard Resilience and Prosperity Foundation Fund