The African continent accounts for around 6% of global sugar output, half of which is concentrated in COMESA countries – a figure that is set to expand to 8% by 2029. While local production takes place on a relatively small scale, countries in the region are among the world's largest net exporters.
In a world in which radical climatic events are increasingly affecting farm production, agricultural insurance is coming to be seen as a key solution for producers to bolster economic and food security.
Economic update | Rethinking the future of the agriculture sector through sustainability and modernisation
For many countries across Africa, agriculture remains one of the most important sectors of the economy. Agriculture accounts for 14% of total GDP in sub-Saharan Africa, and a majority of the continent’s population is employed in the sector.
An increase in food prices following the coronavirus pandemic has intensified concerns related to global food security. For emerging markets, this has further underlined the importance of regional cooperation and innovative solutions to help overcome the challenges.