Emerging black farmers in South Africa are set to benefit from a multibillion-Rand fund set up by businessman Patrice Motsepe. Motsepe said this during the African Farmers Association of SA (Afasa) agribusiness transformation conference in Bloemfontein over the weekend, where he also added that the fund will focus on assisting those in agriculture, agribusiness and related industries.
“We need black farmers to be part of sustainable, commercially viable and profitable enterprises. When we do that we will build a future for all of our people,” said Motsepe.
In her address during the same occasion, South Africa’s Minister of Agriculture, Land Reform and Rural Development, Thoko Didiza, said it was crucial for the government to have a special strategy for youths and women development in agriculture, as agriculture is one of the key sectors of SA’s embattled economy.
Its contribution to the GDP fell from 4.2% in 1996 to 2.4% in 2018, while its value jumped from R50.5bn to R74.2bn (€3.9 bln to €4.5bln) over the same period.
In his state of the nation address last June, President Ramaphosa said that R3.9bn would be allocated to the Land Bank over the medium-term budget period for the benefit of black commercial farmers.