Africa Needs Up to $65 Billion Loans Yearly to Curb Food Imports

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.

“A major obstacle to the development of private actors is the lack of credit financing,” the Abidjan-based lender said. Several …