ACCRA, Ghana 25th May, 2022 (AEJ) - The Board of Directors of the African Development Bank (AfDB) approved the US$1.5 billion African Emergency Food Production Facility on May 20th, 2022. The bank’s President Akinwumi Adesina said in his opening speech during the annual meeting in Accra, Ghana.
This follows a global convening by the Bank, in partnership with the African Union Commission, African Ministers of Finance, Ministers of Economy, Ministers of Agriculture, the African development finance institutions, UN agencies, developed countries around the world, and the Managing Director of the International Monetary Fund.
Said Adesina, “The plan will produce 38 million metric tons of food, including wheat, maize, rice, and soybeans. The total value of the additional food production is $12 billion. Our $1.5 billion investment will deliver $12 billion, a leverage factor of eight times. The plan will deliver climate-resilient agricultural technologies to 20 million farmers.”
To tackle the looming food crisis in Africa from the effects of the Russian war in Ukraine, AfDB and the African Union Commission have developed an Africa Emergency Food Production Plan. The $1.5 billion plan will be used to support African countries to produce food rapidly to ensure sustained supply.
“We agreed it is time to support Africa to produce its food. It is time to have food sovereignty. 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 must feed itself with pride. There is no dignity in begging for food.” Said Adesina.
The AfDB President said his institution is leading on securing Africa’s food supplies in the face of climate change.