In its still often quoted Lions on the Move: The Progress and Potential of African Economies report published in 2010, McKinsey notes the massive agricultural potential that the continent holds for companies across the value chain.
With 60% of the world’s uncultivated arable land and low crop yields, Africa is ripe for a “green revolution” like the ones that have transformed agriculture in Asia and Brazil, says McKinsey. It acknowledges that there are well documented and complex barriers to raising production in Africa, including lack of advanced seeds and other inputs suited to the continent’s ecological conditions; inadequate infrastructure to bring crops to market; perverse trade barriers and tax incentives; unclear land rights; and lack of technical assistance and finance for farmers.