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Zimbabwe Farmers Gets New Lease of Life, President Emmerson Mnangagwa Launches AFC Holdings Formerly Agri-Bank.

May 1, 2021

By Nevson Mpofu

Zimbabwe’s communal and large scale farmers got a slice of shared confidence with the launch of Agricultural Finance Company Holdings. This was formerly Agri-Bank. Speaking in Harare on Friday, 30 April before mid-day President Mnangagwa pinched confidence in farmers highlighting that AFC is premised on playing a strategic and pivotal role within the Agricultural Industry.

‘’ AFC is premised on playing a strategic and pivotal role within the Agricultural Industry. This will go a long way in helping communal and large scale farmers in overcoming farming challenges. AFC is comprised of four [4] subsidiaries namely AFC Commercial Bank, AFC Insurance, AFC Land and Development Bank and AFC Leasing Company’’.

‘’This makes it easy for farmers to access funding and other services for production meant to support growth of the economy. At the same time let us see the growing up of communal farmers into large scale farmers well financially empowered by AFC. The Agricultural Industry must grow as well in support of our economy’’.

Minister of Finance and Economic Development Minister, Muthuli Ncube points it out that restructuring of AGRI-BANK into AFC was achieved through hard work and it was a long journey taken by the Government of Zimbabwe to make farmers get farming funding without challenges.

He adds that $700 million was injected by the Reserve Bank of Zimbabwe in-order to support Agriculture. Zimbabwe as an Agric economy keeps on pushing to bring the Agricultural sector to traditional functioning that brought it to become a bread basket in the SADC Region in the early 8os when it was responsible for food security when it was SADCC (Southern Africa  Development Co-ordination Conference formed by  a few countries in Zambia Lusaka in 1980 .

Experts commenting on this destructuralization sees President Mnangagwa moving towards the 2030 vision of the country to become a middle income economy. Secondly the focus on NDS1, National Development Strategy 1 buttresses the optimized growth of the economy. Thirdly to have a bank that aligns the land reform program in the country. This is expected to meet demands of all farmers.

Taking a hide of a swipe , an anonymous expert , an Economist points out that the coming in of AFC is just a renovation on a tattered , old , dilapidating building that other-wise needs to be destroyed first , then build anew . He reiterates,

‘It’s a brilliant idea but the challenge is just one, where do they get funding for all the farmers, the communal and large scale farmers. This is not a move for the first time, history repeats itself’, he notes briefly .

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