Mobilize investments to set up strong food systems, State urged

The government and agricultural value chains have been urged to mobilise investment to support food systems to reduce poverty and hunger escalation.

African Agricultural Technology Foundation (AATF), a non-governmental organisation, said that huge investments, both finance and technologies, should to be deployed as part of dealing with the difficulties farmers are struggling with daily.

Canisius Kanangire, AATF executive director said majority of farmers are grappling with increasing effects of climate change that have continued to frustrate efforts towards increasing food security. “Adoption and use of biotechnology have been equally low, more so due to poor communications between scientists and the consumers of the same,” he said.

Dr Kanangire made the remarks while addressing a biotechnology awareness meeting attended by captains of industry and organised by AAFT at a Nairobi hotel. The organisation has been working with Kenya government and other partners to enhance research and explore commercialisation pathways of the water efficient maize varieties.

The varieties locally dubbed DroughtTego – Hybrid Rice Varieties, and Stem-Borer resistant maize varieties have significantly reduced farmers’ losses. Kanangire said new technologies can help food systems become more sustainable and efficient as highlighted by the 2022 World Economic Forum which also recalled that the agricultural sector, in general, has fallen behind in technology adoption compared to other sectors.

Kenya University Biotechnology Consortium Chairman Richard Oduor acknowledged the misconception on the GM technologies, leading to escalation of climate change effects.

Joel Ochieng, leader of Agricultural Biotechnology at the University of Nairobi emphasised that the GMO technology was developed to improve food productivity at the farm level and food safety enhancement.

Meanwhile, Absa Bank Kenya has reported a 32 per cent jump in its net earnings to Sh8.3 billion for the half-year ended June 30, 2023 on the back of a sustained double-digit revenue growth across its key revenue streams.

Managing Director Abdi Mohamed (pictured)said revenue increased by 31 per cent to Sh27.4 billion, boosted by a 33 per cent rise in net interest income to Sh19.2 billion. He said non-funded income also increased by 26 per cent to Sh8.1 billion aided by revenue diversification, through foreign exchange, fees and commissions, asset management, bancassurance and stock brokerage.

“The strong H1 performance gives us confidence that our strategy is delivering the desired results both for our customers and shareholders,” Mohamed said.

“With our transformation agenda, we are building a strong foundation upon which we will continue to modernise our business and accelerate our growth in market share.”

The bank also reported a pre-tax tax increase of Sh12.1 billion for the same period. Following the improved performance, the board has approved an interim dividend payment of Sh0.20 per share, equivalent to a total payout of Sh1.086 billion.

According to Mohamed the results were underscored by a sustained quality income mix and a strong and high-quality balance-sheet, with the Bank’s asset base maintaining and upward momentum and remaining above the half-trillion mark, rising 13 per cent to Sh504 billion.

During the review period, customer deposits increased by 18 per cent Sh333 billion, while operating expenses rose by 15 per cent on account of new hires aimed at driving business growth.

Mohamed said impairment increased by 74 per cent compared to the same period last year, in line with the Bank’s principles of prudence in risk management given balance sheet growth and tough operating environment.