Hedge funds buying massive tracts of African farmland

Dec 8, 2004
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#1
Over 148 million acres of farmland in Africa have been purchased by Western hedge funds in the last three years

Western hedge funds have begun buying up vast parcels of land all over Africa. According to a series of new reports by the Oakland Institute, over 148 million acres in the last three years alone have been purchased -- that's an area larger than California.

The reports say the purchased land is often used to produce export commodities -- including biofuels, cut flowers and specialized foods -- and are displacing millions of Africans from fertile farmland.

Researchers say they reviewed the contracts and found clauses that allow foreign companies to keep exporting as much as 80 percent of what is grown on the acquired land, even if the host country is experiencing food shortages.

Lead researcher Anuradha Mittal told Here and Now's Robin Young, "The companies boast they can make a profit even without growing anything on the land," because of the way the contracts are written.

"With the collapse of the housing market, there is a drive for the new commodity to invest in,

Mittal said. "These hedge funds are promising returns of 25 to 40 percent." Mittal called this the new investment bubble.

Link
 

CousinDave

Registered User
Dec 11, 2007
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#2
That's great but Africa has shit for roads and ports, how are you going to get the products to markets in Asia, Europe, & North America before it spoils.
 

CousinDave

Registered User
Dec 11, 2007
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#10
i believe they may have had shipping the goods in mind when they were purchasing the land.

yea they may be thinking 20 years in the future there will be a decent highway system in Africa

Although we have to worry about Mexicans picking strawberries in California & whatever cheap labor they use in Spain spreading disease because they don't wash their hands after they wipe their ass, imagine how bad African grown produce will be.
 

JonBenetRamsey

well shit the bed
Aug 30, 2005
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woodland critter christmas park nj
#11
yea they may be thinking 20 years in the future there will be a decent highway system in Africa

Although we have to worry about Mexicans picking strawberries in California & whatever cheap labor they use in Spain spreading disease because they don't wash their hands after they wipe their ass, imagine how bad African grown produce will be.
eh, aids dies when it hits the air
 

NuttyJim

Registered User
Feb 18, 2006
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#13
are they sending them back?
 

CousinDave

Registered User
Dec 11, 2007
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#15
This would probably be the best and cheapest way to get the economy back in good shape.

I think we'd all be willing to chip in and pay the costs of sending them back

It would be the best investment ever made
 

Yesterdays Hero

She's better than you, Smirkalicious.
Jan 25, 2007
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#17
Ripley: I say we take off and nuke the site from orbit. It's the only way to be sure.
Hudson: Fuckin' A!

Fuck Africa. Wipe it out, and start anew.
 
Aug 11, 2005
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#18
Why are we giving money to Africa when we are in so much debt?

Like 352 mill or something to the horn of that shitty continent the last I heard