TANZANIA- President Samia Suluhu has revealed plans to set up a food security bond in Tanzania as a means of boosting food security as the country aims to reach a storage capacity of 3 million tons by 2030.
President Suluhu revealed funds raised through the bond will be used to increase the capacity of the National Food Reserve Agency (NFRA) and to make timely, fair payments to farmers. She also reiterated the importance of increasing storage capacity to 3 million tons, which should go a long way in boosting international trade and enhance food security.
President Suluhu also revealed Tanzania is in the final stages of negotiations with Malawi, Zimbabwe and Zambia to sell maize through the cereal and Other Produce Board (CPB) and NFRA.
The President said, “The government encourages crop traders in the country to sell food crops to these countries due to the available market opportunities.”
“We are planning to store 3 million tons by 2030. We are moving towards agribusiness; the youth need jobs, and those jobs will come from agriculture.”
The announcement is a continuation of the country’s aggressive agriculture optimization efforts that has taken root in the past few years.
In May, Hussein Bashe, the country’s Agriculture Minister, revealed Tanzania’s food production for the 2022/2023 season had met the 16,390,404-ton demand for 2023/2024, and the country had a food surplus of 4,011,611 tons.
This was a 124% food sufficiency compared to 114% achieved in 2022/2023, indicating the success of the country’s various agriculture enhancement initiatives.
The most recent significant milestone in Tanzania’s agriculture enhancement strategy was the amendment of the Sugar Act No. 6 of 2001, which permitted NFRA to store and purchase sugar in the National Food Reserve and address market shortages. The move was also meant to address the concerns of farmers who felt they were not receiving fair compensation for their produce.
The President also announced the government has started using a digital payment system to purchase crops directly from farmers.
Through this system, farmers receive their weight information directly on their phones and get printouts instantly. She also reiterated the government’s commitment to improving infrastructure to support food exports and agribusiness in the country.
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