Government to undertake massive investment in the agricultural sector

Monday, 16 November 2020 14:00
Government to undertake massive investment in the agricultural sector

(Togo First) - The Togolese government will dedicate around CFA66 billion to the development of agriculture and agribusiness. The amount represents 8.4% of total funding allocated to ministries and institutions under the draft of finance law adopted last Thursday in a council of ministers. 

In effect, monies planned for agricultural development will help catalyze private investment in the sector and create conditions to secure private funds (land development and supply of improved fertilizers).  

Over the next five years, the government will launch multiple initiatives aimed at making agriculture a significant driver of economic growth and a source of jobs. These will involve the establishment of a national strategy for agricultural mechanization, irrigation, and greater use of fertilizers. 

There will also be steps to accelerate the development of the Agricultural Financing Incentive Mechanism (MIFA) to support one million farmers, the expansion of Kara’s agri-hub in partnership with the private sector, and the expansion of cultivated areas to 165,000 ha. All these should boost the contribution of agriculture to job creation in Togo. 

Séna Akoda

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