M a r k e t N e w s

Agricultural Sector in Kenya to Receive a Boost

Posted on : Friday , 13th October 2017

 Kenyan President Uhuru Kenyatta has revealed his plan for improving food security and also measures to assist farmers with issues regarding climate change and drought.

 
The president has also revealed that the government will spend as much as Sh 6 billion on purchasing maize from farmers under the conditions of the food security reserve in 2017/18 season. This will be done to see that the prices of flour remain affordable throughout and to fight hunger.
 
The government has also reduced the price of planting fertilizer to Ah 1200 for a 50kg bag.
 
He made these remarks at the Nairobi International Trade Fair stating that these changes are part of his administration’s agenda to keep a steady flow of food available at prices that are affordable to the common man.
 
Kenyatta also announced the theme for this year’s edition of the Agriculture Society of Kenya which will be “Promoting Innovation and Technology in Agriculture and Trade”.
 
The government will also be spending Sh300 on fighting the Fall Armyworm and also other programs for livestock and crop insurance, to shield farmers from the adverse impacts of climate change
 
A 50 percent subsidy in premium payments for crop insurance will also be put in place.
 
Around 243,000 farmers have already subscribed to the scheme in 10 pilot counties in 2016 and 2017. Those being Bungoma, Embu, Migori, Nakuru, Uasin Gishu, Trans Nzoia, Kirinyaga, Meru, Kwale, and Kilifi.
 
Kenyatta and his administration aim to cover five million farmers across 31 countries by 2022.
 
President Kenyatta has also signed an agreement with the Equity Bank to allow farmers access to funds at a rate that is reasonable to them. 
 
The government also has an agreement in place to back loans of up to Sh300 million, with the bank lending Sh20 million at an interest rate of 12 percent. 
 
Another has also signed another partnership with the International Fund for Agricultural Development through the Agricultural Finance Corporation to help small-scale farmers’ easier access to credit.
 
Kenyatta also identified Germany, China, Russia, Japan and the United States to diversify the tea market.
 

Source : Business News Africa
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