Investing in Africa’s Agriculture : Solidifying Foundation for Sustainable and Inclusive Development
Agriculture has been essentially the backbone of economic growth for centuries. The sector has provided employment for the majority of the world population for generations, and has served as a powerful force in transforming of economies towards an...
| Main Authors: | , |
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2016
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/2016/09/26742943/investing-africa’s-agriculture-solidifying-foundation-sustainable-inclusive-development http://hdl.handle.net/10986/25188 |
| Summary: | Agriculture has been essentially the
backbone of economic growth for centuries. The sector has
provided employment for the majority of the world population
for generations, and has served as a powerful force in
transforming of economies towards an industry- and service-
based. In many countries, through both productivity
increases and farm land expansion, agriculture contributed
to the transformation by releasing labor force for the other
parts of the economy, providing food security, keeping wage
down by providing low cost food, and generating foreign
exchange. All these contributions are essential for broader
social and economic development (Bruce and Mellor, 1961). In
the 21st century, agriculture remains a fundamental
instrument for sustainable development and poverty
reduction. WDR 2008, Agriculture for Development,
convincingly demonstrates the need to increase investment in
agriculture and improve the effectiveness of such investment
in order to enhance the sector’s role in overall growth,
poverty reduction, and environmental sustainability. As an
economic activity, agriculture can be a source of growth for
the national economy and a provider of investment
opportunities for the private sector. Robust empirical
evidence from many countries consistently shows that
agriculture is several times more efficient in reducing
poverty than other sectors, given majority of the world’s
poor living in rural area and relying on the sector as a
major income source (World Bank, 2008). Agriculture can also
be a major provider of environmental services, through
sequestering carbon, managing watersheds, and preserving
biodiversity. Therefore, agriculture offers great promise in
today’s world for growth, poverty reduction, and
environmental sustainability. China’s successful development
in the past three decades exemplifies the powerful role the
agricultural sector can play in a country’s social and
economic transformation. |
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