2023/24 Impact Report - African Agriculture Fund (Food Fund 1)

This is the fourth African Agriculture Fund’s (AAF, also referred to as Food Fund 1) development impact report and covers the period from its first investment in 2011 to 2023/4.

Building Sustainable Food Systems in Africa

Phatisa proudly presents the final impact report of the African Agriculture Fund (AAF), concluding a transformative journey spanning over a decade. With a focus on pioneering sustainable food systems, the fund has demonstrated the power of private capital to catalyse development.

Key Achievements:

• Food Production: Over 3.8 million tonnes of food and related products generated, contributing to food security across sub-Saharan Africa.

• Job Creation: Sustained closed to 10,000 permanent jobs, and created 2,001 new jobs (31% of new jobs created for women).

• Smallholder Support: Positively impacted more than 100,000 smallholder farmers and micro-entrepreneurs, enhancing yields, income, and access to resources.

• Innovation Through Technical Assistance: Implemented 78 projects, supporting sustainable agriculture and smallholder development with $8.7 million in new income generated.

Impact Highlights:

• Companies like Goldenlay doubled egg production, increasing access to affordable protein for underserved markets.

• Technical innovations, such as precision agriculture and drip irrigation, improved productivity and resource efficiency across the portfolio.

• Emphasis on environmental stewardship, including biodiversity conservation.

Learnings and Legacy:

AAF has underscored the importance of strategic partnerships, robust governance, and integrating ESG principles to ensure long-term value creation. With this final report, AAF sets a benchmark for sustainable private equity in Africa.