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Madagascar to raise agriculture budget to $350 mln till 2028

Wednesday, 03 May 2023 19:15
Madagascar to raise agriculture budget to $350 mln till 2028

(Ecofin Agency) - Madagascar is one of the African countries most affected by food insecurity. In this context, the executive wants to increase its investments in the agricultural sector, which is the pillar of the national economy.

In Madagascar, the government of President Andry Rajoelina plans to increase the share of the budget devoted to agriculture, livestock, and fisheries to 10% over the next five years, compared with 6% in 2023. The initiative is part of the country’s food sovereignty and resilience efforts. 

According to Malagasy Daily, this level of investment would amount to $350 million yearly. This 10-year government program aims to increase production, processing, and value-added in six priority agricultural sectors: rice, corn, cassava, oilseeds (soybeans and groundnuts), small ruminants, and cattle.

Overall, the revised budget is intended to boost investment in a sector whose performance is still below expectations. According to official data, agriculture grew by 0.9 percent last year while expectations were in the amount of 3.8 percent.

The executive believes that this year, investments in agricultural mechanization, the development of agricultural perimeters, the professionalization of livestock sectors, and the development of fishing should enable the primary sector to grow by 2.3% in a country where agriculture contributes 24% to GDP and employs some 64% of the workforce. 

Stéphanas Assocle

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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