Find out what’s happening in the property investment arena both in the UK and internationally
G8 and World Bank Show Support for Enhanced Food Security in Senegal
October 7, 2013Article by Ray Withers
Senegal’s government is serious about increasing the country’s food security. In 2009 it finalised its long-term vision for agricultural development, both to reduce the cost of living within Senegal and as a key driver for economic growth. The Office of the Prime Minister oversees the programme, emphasising its importance.
Since the inception of the 2009 plan, the Senegalese government has implemented multiple measures to boost domestic production and reduce reliance on imports by 50%. With 78% of the country’s population employed in agriculture, but with the sector only accounting for 16.7% of GDP in 2012, President Macky Sall and former Prime Minister Abdoul Mbaye have worked hard to push agriculture up the agenda.
Two leading international partnerships have recently served to enhance Senegal’s food security improvements plans. Significantly, Senegal is due to join the G8’s New Alliance for Food Security and Nutrition (NAFSN) by the end of this year. The NAFSN initiative was set up in 2012 to encourage and promote global food security. Senegal will also receive $40 million in credit funding from the World Bank’s International Development Association, to boost the productivity of crops, create jobs for youths and female farmers, and improve roads linking isolated rural communities.
Despite such positive international interest, the Senegalese government is not resting on its laurels. To encourage private sector investment, it is currently reviewing the potential to reduce taxes on agricultural equipment and to retarget agricultural subsidies.
A key issue in Senegal is the balance between crops grown for export and those grown for domestic production. While older private investments have focused on the former, an increasing number of modern, socially aware investment opportunities – such as the structured agricultural investment offered by Property Frontiers – are now focusing on domestic production. These opportunities support farmers to be a key part of their country’s food chain, supporting Senegalese farmers to feed the Senegalese people and reduce their country’s level of food insecurity.