Africa currently imports $75 billion worth of cereals yearly War in Ukraine has exposed weaknesses in continent’s economies
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.
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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.
Source: Bloomberg
