Per stats from the IMF, Africans spend almost half of their income on feeding, higher than the global average of 17 percent. To compound the disproportion, food prices have been steadily bloating for the last few years, no thanks to import reliance, currency devaluation, and high production costs.
Between 2020 and 2022, Staple food prices in the region have surged by an average of 23.9 percent, marking the most since the dreaded global financial crisis. As a result, the feeding business loses USD 100 B annually to expensive and unreliable supply. Moreover, they run into hurdles in accessing actionable data and raising capital to fund procurement.
