The African Development Bank’s agenda for transforming Africa’s agriculture was lauded at the 5th KOAFEC Ministerial Conference held in Seoul, South Korea’s capital.The Bank recognises the potential of Africa to become a global powerhouse in food and agribusiness, lifting millions out of poverty. For this potential to be realized, the continent has to undergo an agricultural revolution. At a session on the Status of Africa’s Agriculture and Challenges for Structural Transformation and Industrialization, Celestin Monga, Chief Economist and Vice-President at the AfDB, demonstrated the link between industrialisation and agricultural revolution.
“Modern day industry would not have been possible without the agricultural revolution that preceded it. Thus, economies in which agriculture is stagnant do not show industrial development,” he noted.