Value chain financing: evidence from Zambia on smallholder access to finance for mechanization
Smallholder farmers in Zambia comprise 85 per cent of the farmers’ population. Such farmers are regarded as not creditworthy and furthermore their agricultural productivity could be improved. The aim of this paper is to present recent evidence on value chain financing (VCF) as a framework to increase access to agricultural finance for Zambian smallholder farmers. Such financing will act as an enabler to mechanize and, in turn, might improve productivity. Qualitative data collection techniques were followed to provide the results as presented in three illustrative case studies. Each case study highlights the benefits of financing, using the value chain framework, but also emphasizes certain challenges and risks associated with the approach. The Zambian case is not perfect, but provides recent evidence of how various roleplayers in Zambia’s agricultural sector have applied the VCF framework to coordinate the actions of various chain actors, and by doing so allow smallholders access to finance within the local and country-specific context. Although two of the three VCF programmes have been discontinued, they still provide useful learning points: for instance, commercial banks should assign more resources to manage the VCF products; and the risk should be shared between all the VCF participants.Aagaardt, P.J. (2011) The Practice of Conventional and Conservation Agriculture in East and Southern Africa, Zambia: Conservation Farming Unit.
Aagaardt, P.J. (2012) Small and Medium Scale Agriculture and Mechanisation, Zambia: Conservation Farming Unit.
African Development Bank (2013) Agricultural Value Chain Financing (AVCF) and Development for Enhanced Export Competitiveness, Tunisia: African Development Bank.
Anseeuw, W. and Ducastel, A. (2013) ‘“Production grabbing”: new investors and investment models in agriculture’, QA Rivista dell’Associazione Rossi-Doria 2: 37–55 <http://dx.doi.org/10.3280/QU2013-002002>.
Aregheore, E.M. (2009) Country Pasture/Forage Resource Profiles: Zambia, Zambia: FAO.
Bajwa, R. (2013) ‘Agriculture value chain financing: an analysis of India’, Indian Journal of Finance 7(8): 24–34.
CIA (2015) ‘Zambia’ [online], World Factbook <https://www.cia.gov/library/publications/the-world-factbook/geos/za.html> [accessed 18 July 2015].
Coates, M., Kitchen, R., Kebbell, G., Vignon, C., Guilleman, C. and Hofmeister, R. (2011) Financing Agricultural Value Chains in Africa: A Synthesis of Four Country Case Studies, Bonn, Germany: Deutsche Gesellschaft für Internationale Zusammenarbeit.
Fakudze, C.D. and Machethe, C.L. (2015) ‘Improving smallholder livestock farmers’ incomes through value chain financing in South Africa’, Development in Practice 25: 728–36 <http://dx.doi.org/10.1080/09614524.2015.1047326>.
Fan, S., Brzeska, J., Keyzer, M. and Halsema, A. (2013) From Subsistence to Profit: Transforming Smallholder Farms, Washington, DC: IFPRI.
FAO (2012) The State of Food and Agriculture: Investing in Agriculture for a Better Future, Rome: FAO.
FAO (2015) Regional Overview of Food Insecurity: African Food Insecurity Prospects Brighter than Ever, Accra: FAO.
Fearne, A., Martinez, M.G. and Dent, B. (2012) ‘Dimensions of sustainable value chains: implications for value chain analysis’, Supply Chain Management: An International Journal 17(6): 575–81 <http://dx.doi.org/10.1108/13598541211269193>.
Gandhi, V.P. and Jain, D. (2011) ‘Institutional innovations and models in the development of agro-industries in India: strengths, weaknesses and lessons’, in C.A. Da Silva and N. Mhlanga (eds), Innovative Policies and Institutions to Support Agro-Industries Development, Rome: FAO.
Greeff, M. (2011) ‘Information collection: interviewing’, in A.S. De Vos, H. Strydom, C.B. Fouche and C.S.L. Delport (eds), Research at Grass Roots, Pretoria: Van Schaik.
Haggblade, S. and Tembo, G. (2003) Conservation Farming in Zambia, Washington DC: International Food Policy Research Institute.
Hatch, G., McCabe, J. and Becker, P. (2013) Food for Thought: Unlocking the Economic Potential of Sub-Saharan Africa by Addressing Food Security, Pretoria: Accenture.
Horton, D.E., Donovan, J., Devaux, A. and Torero, M. (2016) ‘Innovation for inclusive value-chain development: Highlights’, in A. Devaux, M. Torero, J. Donovan and D.E. Horton (eds), Innovation for Inclusive Value-Chain Development: Successes and Challenges, Washington, DC: International Food Policy Research Institute (IFPRI).
IFAD and UNEP (2013) Smallholders, Food Security and the Environment, Rome: International Fund for Agricultural Development (IFAD).
Johnston, C. and Meyer, R.L. (2008) ‘Value chain governance and access to finance: maize, sugar cane and sunflower oil in Uganda’, Enterprise Development and Microfinance 19(4): 282–300 <http://dx.doi.org/10.3362/1755-1986.2008.026>.
Jordaan, H., Grove, B. and Backeberg, G.R. (2014) ‘Conceptual framework for value chain analysis for poverty alleviation among smallholder farmers’, Agrekon 53(1): 1–25 <http://dx.doi.org/10.1080/03031853.2014.887903>.
Kopparthi, M.S. and Kagabo, N. (2012) ‘Is value chain financing a solution to the problems and challenges of access to finance of small-scale farmers in Rwanda?’ Managerial Finance 38(10): 993–1004.
Larsen, K., Kim, R. and Theus, F. (2009) Agribusiness and Innovation Systems in Africa, Washington, DC: World Bank.
Lynam, J. and Theus, F. (2009) ‘Value chains, innovation, and public policies in African agriculture: a synthesis of four country studies’, in K. Larsen, R. Kim and F. Theus (eds), Agribusiness and Innovation Systems in Africa, Washington, DC: World Bank.
McMichael, P. (2013) ‘Value-chain agriculture and debt relations: contradictory outcomes’, Third World Quarterly 31(4): 671–90 <http://dx.doi.org/10.1080/01436597.2013.786290>.
Middelberg, S.L. (2013) ‘Evaluating grain producers’ production financing alternatives: evidence from South Africa’, Agricultural Finance Review 73(2): 272–89 <http://dx.doi.org/10.1108/AFR-10-2012-0058>.
Miller, C. (2012) Agricultural Value Chain Finance Strategy and Design: Technical Note, Rome: IFAD.
Miller, C. and Da Silva, C. (2007) ‘Value chain financing in agriculture’, Enterprise Development and Microfinance 18(2–3): 95–108 <http://dx.doi.org/10.3362/1755-1986.2007.013>.
Miller, C. and Jones, L. (2010) Agricultural Value Chain Finance: Tools and Lessons, Rugby, UK: Practical Action Publishing; Rome: FAO.
Mungalaba, S. (2015) ‘Improving yields and profitability for small-scale farmers through conservation agriculture in Zambia’, Journal of Developments in Sustainable Agriculture 10(1): 61–5 <http://dx.doi.org/10.11178/jdsa.10.61>.
Norell, D., Lawson-Lartego, L., White, D., Bante, Z. and Conn, L. (2015) ‘Improving the food security of the extremely poor by linking them to markets’, Enterprise Development and Microfinance 26(1): 45–62 <http://dx.doi.org/10.3362/1755-1986.2015.006>.
Oberholster, C., Adendorff, C. and Jonker, K. (2015) ‘Financing agricultural production from a value chain perspective: recent evidence from South Africa’, Outlook on Agriculture 44(1): 49–60 <http://dx.doi.org/10.5367/oa.2015.0197>.
Onwude, D.I., Abdulstter, R., Gomes, C. and Hashim, N. (2016) ‘Mechanisation of large-scale agricultural fields in developing countries: a review’, Journal of the Science of Food and Agriculture 96(12): 3969–76 <http://dx.doi.org/10.1002/jsfa.7699>.
Otley, D.T. and Berry, A.J. (1994) ‘Case study research in management accounting and control’, Management Accounting Research 5(1): 45–65.
Patil, S., Jha, A.K. and Sinha, A. (2016) ‘Role of financial agencies in integrating small farmers into a sustainable value chain: a synthesis based on successful value chain financing efforts’, Current Science 110(11): 2082–90 <http://dx.doi.org/10.18520/cs/v110/i11/2082-2090>.
Ricketts, K.D., Turvey, C.G. and Gómez, M.I. (2014) ‘Value chain approaches to development: smallholder farmer perceptions of risk and benefits across three cocoa chains in Ghana’, Journal of Agribusiness in Developing and Emerging Economies 4(1): 2–22 <http://dx.doi.org/10.1108/JADEE-10-2012-0025>.
Scapens, R.W. (1990) ‘Researching management accounting practice: the role of case study methods’, British Accounting Review 22(3): 259–81.
Shwedel, K. (2006) ‘Agricultural value chain finance: four years on’, in R. Quirós (ed.), Agricultural Value Chain Finance, pp. 9–26, Costa Rica: FAO.
Sitko, N.J. and Chamberlin, J. (2016) ‘The geography of Zambia’s customary land: assessing the prospects for smallholder development’, Land Use Policy 55: 49–60 <http://dx.doi.org/10.1016/j.landusepol.2016.03.026>.
Sitko, N.J., Chamberlin, J. and Hichaambwa, M. (2014) ‘Does smallholder land titling facilitate agricultural growth? An analysis of the determinants and effects of smallholder land titling in Zambia’, World Development 64: 791–802 <http://dx.doi.org/10.1016/j.worlddev.2014.07.014>.
Soundarrajan, P. and Vivek, N. (2015) ‘A study on the agricultural value chain financing in India’, Agricultural Economics (Czech Republic) 61(1): 31–8 <http://dx.doi.org/10.17221/38/2014>.
Steinmann, R. (2014) ‘Some reflections on smallholder agriculture, microinsurance and rural development’, Enterprise Development and Microfinance 25(4): 311–26 <http://dx.doi.org/10.3362/1755-1986.2014.029>.
Swamy, V. and Dharani, M. (2016) ‘Analyzing the agricultural value chain financing: approaches and tools in India’, Agricultural Finance Review 76(2): 211–32 <http://dx.doi.org/10.1108/AFR-11-2015-0051>.
Swinnen, J.F.M. and Maertens, M. (2007) ‘Globalization, privatization, and vertical coordination in food value chains in developing and transition countries’, Agricultural Economics 37: 89–102 <http://dx.doi.org/10.1111/j.1574-0862.2007.00237.x>.
Tittonell, P. and Giller, K.E. (2013) ‘When yield gaps are poverty traps: the paradigm of ecological intensification in African smallholder agriculture’, Field Crops Research 143: 76–90 <http://dx.doi.org/10.1016/j.fcr.2012.10.007>.
Webber, C.M. and Labaste, P. (2010) Building Competitiveness in Africa’s Agriculture: A Guide to Value Chain Concepts and Applications, Washington, DC: World Bank.
World Bank (2009) Zambia: Commercial Value Chains in Zambian Agriculture: Do Smallholders Benefit? Washington, DC: World Bank.
Yin, R.K. (2014) Case Study Research: Design and Methods, 5th edn, London: Sage.
Zander, R. (2015) ‘New trends in financing agricultural value chains: promising practices and emerging recommendations for policy development’, in G20 GPFI SME Finance Working Group, Antalya, Turkey.
Zander, R. (2016) Risks and Opportunities of Non-Bank-based Financing for Agriculture: The Case of Agricultural Value Chain Financing, Bonn, Germany: Deutsches Institut für Entwicklungspolitik (DIE).
Aagaardt, P.J. (2011) The Practice of Conventional and Conservation Agriculture in East and Southern Africa, Zambia: Conservation Farming Unit.
Aagaardt, P.J. (2012) Small and Medium Scale Agriculture and Mechanisation, Zambia: Conservation Farming Unit.
African Development Bank (2013) Agricultural Value Chain Financing (AVCF) and Development for Enhanced Export Competitiveness, Tunisia: African Development Bank.
Anseeuw, W. and Ducastel, A. (2013) ‘“Production grabbing”: new investors and investment models in agriculture’, QA Rivista dell’Associazione Rossi-Doria 2: 37–55 <http://dx.doi.org/10.3280/QU2013-002002>.
Aregheore, E.M. (2009) Country Pasture/Forage Resource Profiles: Zambia, Zambia: FAO.
Bajwa, R. (2013) ‘Agriculture value chain financing: an analysis of India’, Indian Journal of Finance 7(8): 24–34.
CIA (2015) ‘Zambia’ [online], World Factbook <https://www.cia.gov/library/publications/the-world-factbook/geos/za.html> [accessed 18 July 2015].
Coates, M., Kitchen, R., Kebbell, G., Vignon, C., Guilleman, C. and Hofmeister, R. (2011) Financing Agricultural Value Chains in Africa: A Synthesis of Four Country Case Studies, Bonn, Germany: Deutsche Gesellschaft für Internationale Zusammenarbeit.
Fakudze, C.D. and Machethe, C.L. (2015) ‘Improving smallholder livestock farmers’ incomes through value chain financing in South Africa’, Development in Practice 25: 728–36 <http://dx.doi.org/10.1080/09614524.2015.1047326>.
Fan, S., Brzeska, J., Keyzer, M. and Halsema, A. (2013) From Subsistence to Profit: Transforming Smallholder Farms, Washington, DC: IFPRI.
FAO (2012) The State of Food and Agriculture: Investing in Agriculture for a Better Future, Rome: FAO.
FAO (2015) Regional Overview of Food Insecurity: African Food Insecurity Prospects Brighter than Ever, Accra: FAO.
Fearne, A., Martinez, M.G. and Dent, B. (2012) ‘Dimensions of sustainable value chains: implications for value chain analysis’, Supply Chain Management: An International Journal 17(6): 575–81 <http://dx.doi.org/10.1108/13598541211269193>.
Gandhi, V.P. and Jain, D. (2011) ‘Institutional innovations and models in the development of agro-industries in India: strengths, weaknesses and lessons’, in C.A. Da Silva and N. Mhlanga (eds), Innovative Policies and Institutions to Support Agro-Industries Development, Rome: FAO.
Greeff, M. (2011) ‘Information collection: interviewing’, in A.S. De Vos, H. Strydom, C.B. Fouche and C.S.L. Delport (eds), Research at Grass Roots, Pretoria: Van Schaik.
Haggblade, S. and Tembo, G. (2003) Conservation Farming in Zambia, Washington DC: International Food Policy Research Institute.
Hatch, G., McCabe, J. and Becker, P. (2013) Food for Thought: Unlocking the Economic Potential of Sub-Saharan Africa by Addressing Food Security, Pretoria: Accenture.
Horton, D.E., Donovan, J., Devaux, A. and Torero, M. (2016) ‘Innovation for inclusive value-chain development: Highlights’, in A. Devaux, M. Torero, J. Donovan and D.E. Horton (eds), Innovation for Inclusive Value-Chain Development: Successes and Challenges, Washington, DC: International Food Policy Research Institute (IFPRI).
IFAD and UNEP (2013) Smallholders, Food Security and the Environment, Rome: International Fund for Agricultural Development (IFAD).
Johnston, C. and Meyer, R.L. (2008) ‘Value chain governance and access to finance: maize, sugar cane and sunflower oil in Uganda’, Enterprise Development and Microfinance 19(4): 282–300 <http://dx.doi.org/10.3362/1755-1986.2008.026>.
Jordaan, H., Grove, B. and Backeberg, G.R. (2014) ‘Conceptual framework for value chain analysis for poverty alleviation among smallholder farmers’, Agrekon 53(1): 1–25 <http://dx.doi.org/10.1080/03031853.2014.887903>.
Kopparthi, M.S. and Kagabo, N. (2012) ‘Is value chain financing a solution to the problems and challenges of access to finance of small-scale farmers in Rwanda?’ Managerial Finance 38(10): 993–1004.
Larsen, K., Kim, R. and Theus, F. (2009) Agribusiness and Innovation Systems in Africa, Washington, DC: World Bank.
Lynam, J. and Theus, F. (2009) ‘Value chains, innovation, and public policies in African agriculture: a synthesis of four country studies’, in K. Larsen, R. Kim and F. Theus (eds), Agribusiness and Innovation Systems in Africa, Washington, DC: World Bank.
McMichael, P. (2013) ‘Value-chain agriculture and debt relations: contradictory outcomes’, Third World Quarterly 31(4): 671–90 <http://dx.doi.org/10.1080/01436597.2013.786290>.
Middelberg, S.L. (2013) ‘Evaluating grain producers’ production financing alternatives: evidence from South Africa’, Agricultural Finance Review 73(2): 272–89 <http://dx.doi.org/10.1108/AFR-10-2012-0058>.
Miller, C. (2012) Agricultural Value Chain Finance Strategy and Design: Technical Note, Rome: IFAD.
Miller, C. and Da Silva, C. (2007) ‘Value chain financing in agriculture’, Enterprise Development and Microfinance 18(2–3): 95–108 <http://dx.doi.org/10.3362/1755-1986.2007.013>.
Miller, C. and Jones, L. (2010) Agricultural Value Chain Finance: Tools and Lessons, Rugby, UK: Practical Action Publishing; Rome: FAO.
Mungalaba, S. (2015) ‘Improving yields and profitability for small-scale farmers through conservation agriculture in Zambia’, Journal of Developments in Sustainable Agriculture 10(1): 61–5 <http://dx.doi.org/10.11178/jdsa.10.61>.
Norell, D., Lawson-Lartego, L., White, D., Bante, Z. and Conn, L. (2015) ‘Improving the food security of the extremely poor by linking them to markets’, Enterprise Development and Microfinance 26(1): 45–62 <http://dx.doi.org/10.3362/1755-1986.2015.006>.
Oberholster, C., Adendorff, C. and Jonker, K. (2015) ‘Financing agricultural production from a value chain perspective: recent evidence from South Africa’, Outlook on Agriculture 44(1): 49–60 <http://dx.doi.org/10.5367/oa.2015.0197>.
Onwude, D.I., Abdulstter, R., Gomes, C. and Hashim, N. (2016) ‘Mechanisation of large-scale agricultural fields in developing countries: a review’, Journal of the Science of Food and Agriculture 96(12): 3969–76 <http://dx.doi.org/10.1002/jsfa.7699>.
Otley, D.T. and Berry, A.J. (1994) ‘Case study research in management accounting and control’, Management Accounting Research 5(1): 45–65.
Patil, S., Jha, A.K. and Sinha, A. (2016) ‘Role of financial agencies in integrating small farmers into a sustainable value chain: a synthesis based on successful value chain financing efforts’, Current Science 110(11): 2082–90 <http://dx.doi.org/10.18520/cs/v110/i11/2082-2090>.
Ricketts, K.D., Turvey, C.G. and Gómez, M.I. (2014) ‘Value chain approaches to development: smallholder farmer perceptions of risk and benefits across three cocoa chains in Ghana’, Journal of Agribusiness in Developing and Emerging Economies 4(1): 2–22 <http://dx.doi.org/10.1108/JADEE-10-2012-0025>.
Scapens, R.W. (1990) ‘Researching management accounting practice: the role of case study methods’, British Accounting Review 22(3): 259–81.
Shwedel, K. (2006) ‘Agricultural value chain finance: four years on’, in R. Quirós (ed.), Agricultural Value Chain Finance, pp. 9–26, Costa Rica: FAO.
Sitko, N.J. and Chamberlin, J. (2016) ‘The geography of Zambia’s customary land: assessing the prospects for smallholder development’, Land Use Policy 55: 49–60 <http://dx.doi.org/10.1016/j.landusepol.2016.03.026>.
Sitko, N.J., Chamberlin, J. and Hichaambwa, M. (2014) ‘Does smallholder land titling facilitate agricultural growth? An analysis of the determinants and effects of smallholder land titling in Zambia’, World Development 64: 791–802 <http://dx.doi.org/10.1016/j.worlddev.2014.07.014>.
Soundarrajan, P. and Vivek, N. (2015) ‘A study on the agricultural value chain financing in India’, Agricultural Economics (Czech Republic) 61(1): 31–8 <http://dx.doi.org/10.17221/38/2014>.
Steinmann, R. (2014) ‘Some reflections on smallholder agriculture, microinsurance and rural development’, Enterprise Development and Microfinance 25(4): 311–26 <http://dx.doi.org/10.3362/1755-1986.2014.029>.
Swamy, V. and Dharani, M. (2016) ‘Analyzing the agricultural value chain financing: approaches and tools in India’, Agricultural Finance Review 76(2): 211–32 <http://dx.doi.org/10.1108/AFR-11-2015-0051>.
Swinnen, J.F.M. and Maertens, M. (2007) ‘Globalization, privatization, and vertical coordination in food value chains in developing and transition countries’, Agricultural Economics 37: 89–102 <http://dx.doi.org/10.1111/j.1574-0862.2007.00237.x>.
Tittonell, P. and Giller, K.E. (2013) ‘When yield gaps are poverty traps: the paradigm of ecological intensification in African smallholder agriculture’, Field Crops Research 143: 76–90 <http://dx.doi.org/10.1016/j.fcr.2012.10.007>.
Webber, C.M. and Labaste, P. (2010) Building Competitiveness in Africa’s Agriculture: A Guide to Value Chain Concepts and Applications, Washington, DC: World Bank.
World Bank (2009) Zambia: Commercial Value Chains in Zambian Agriculture: Do Smallholders Benefit? Washington, DC: World Bank.
Yin, R.K. (2014) Case Study Research: Design and Methods, 5th edn, London: Sage.
Zander, R. (2015) ‘New trends in financing agricultural value chains: promising practices and emerging recommendations for policy development’, in G20 GPFI SME Finance Working Group, Antalya, Turkey.
Zander, R. (2016) Risks and Opportunities of Non-Bank-based Financing for Agriculture: The Case of Agricultural Value Chain Financing, Bonn, Germany: Deutsches Institut für Entwicklungspolitik (DIE).
Aagaardt, P.J. (2011) The Practice of Conventional and Conservation Agriculture in East and Southern Africa, Zambia: Conservation Farming Unit.
Aagaardt, P.J. (2012) Small and Medium Scale Agriculture and Mechanisation, Zambia: Conservation Farming Unit.
African Development Bank (2013) Agricultural Value Chain Financing (AVCF) and Development for Enhanced Export Competitiveness, Tunisia: African Development Bank.
Anseeuw, W. and Ducastel, A. (2013) ‘“Production grabbing”: new investors and investment models in agriculture’, QA Rivista dell’Associazione Rossi-Doria 2: 37–55 <http://dx.doi.org/10.3280/QU2013-002002>.
Aregheore, E.M. (2009) Country Pasture/Forage Resource Profiles: Zambia, Zambia: FAO.
Bajwa, R. (2013) ‘Agriculture value chain financing: an analysis of India’, Indian Journal of Finance 7(8): 24–34.
CIA (2015) ‘Zambia’ [online], World Factbook <https://www.cia.gov/library/publications/the-world-factbook/geos/za.html> [accessed 18 July 2015].
Coates, M., Kitchen, R., Kebbell, G., Vignon, C., Guilleman, C. and Hofmeister, R. (2011) Financing Agricultural Value Chains in Africa: A Synthesis of Four Country Case Studies, Bonn, Germany: Deutsche Gesellschaft für Internationale Zusammenarbeit.
Fakudze, C.D. and Machethe, C.L. (2015) ‘Improving smallholder livestock farmers’ incomes through value chain financing in South Africa’, Development in Practice 25: 728–36 <http://dx.doi.org/10.1080/09614524.2015.1047326>.
Fan, S., Brzeska, J., Keyzer, M. and Halsema, A. (2013) From Subsistence to Profit: Transforming Smallholder Farms, Washington, DC: IFPRI.
FAO (2012) The State of Food and Agriculture: Investing in Agriculture for a Better Future, Rome: FAO.
FAO (2015) Regional Overview of Food Insecurity: African Food Insecurity Prospects Brighter than Ever, Accra: FAO.
Fearne, A., Martinez, M.G. and Dent, B. (2012) ‘Dimensions of sustainable value chains: implications for value chain analysis’, Supply Chain Management: An International Journal 17(6): 575–81 <http://dx.doi.org/10.1108/13598541211269193>.
Gandhi, V.P. and Jain, D. (2011) ‘Institutional innovations and models in the development of agro-industries in India: strengths, weaknesses and lessons’, in C.A. Da Silva and N. Mhlanga (eds), Innovative Policies and Institutions to Support Agro-Industries Development, Rome: FAO.
Greeff, M. (2011) ‘Information collection: interviewing’, in A.S. De Vos, H. Strydom, C.B. Fouche and C.S.L. Delport (eds), Research at Grass Roots, Pretoria: Van Schaik.
Haggblade, S. and Tembo, G. (2003) Conservation Farming in Zambia, Washington DC: International Food Policy Research Institute.
Hatch, G., McCabe, J. and Becker, P. (2013) Food for Thought: Unlocking the Economic Potential of Sub-Saharan Africa by Addressing Food Security, Pretoria: Accenture.
Horton, D.E., Donovan, J., Devaux, A. and Torero, M. (2016) ‘Innovation for inclusive value-chain development: Highlights’, in A. Devaux, M. Torero, J. Donovan and D.E. Horton (eds), Innovation for Inclusive Value-Chain Development: Successes and Challenges, Washington, DC: International Food Policy Research Institute (IFPRI).
IFAD and UNEP (2013) Smallholders, Food Security and the Environment, Rome: International Fund for Agricultural Development (IFAD).
Johnston, C. and Meyer, R.L. (2008) ‘Value chain governance and access to finance: maize, sugar cane and sunflower oil in Uganda’, Enterprise Development and Microfinance 19(4): 282–300 <http://dx.doi.org/10.3362/1755-1986.2008.026>.
Jordaan, H., Grove, B. and Backeberg, G.R. (2014) ‘Conceptual framework for value chain analysis for poverty alleviation among smallholder farmers’, Agrekon 53(1): 1–25 <http://dx.doi.org/10.1080/03031853.2014.887903>.
Kopparthi, M.S. and Kagabo, N. (2012) ‘Is value chain financing a solution to the problems and challenges of access to finance of small-scale farmers in Rwanda?’ Managerial Finance 38(10): 993–1004.
Larsen, K., Kim, R. and Theus, F. (2009) Agribusiness and Innovation Systems in Africa, Washington, DC: World Bank.
Lynam, J. and Theus, F. (2009) ‘Value chains, innovation, and public policies in African agriculture: a synthesis of four country studies’, in K. Larsen, R. Kim and F. Theus (eds), Agribusiness and Innovation Systems in Africa, Washington, DC: World Bank.
McMichael, P. (2013) ‘Value-chain agriculture and debt relations: contradictory outcomes’, Third World Quarterly 31(4): 671–90 <http://dx.doi.org/10.1080/01436597.2013.786290>.
Middelberg, S.L. (2013) ‘Evaluating grain producers’ production financing alternatives: evidence from South Africa’, Agricultural Finance Review 73(2): 272–89 <http://dx.doi.org/10.1108/AFR-10-2012-0058>.
Miller, C. (2012) Agricultural Value Chain Finance Strategy and Design: Technical Note, Rome: IFAD.
Miller, C. and Da Silva, C. (2007) ‘Value chain financing in agriculture’, Enterprise Development and Microfinance 18(2–3): 95–108 <http://dx.doi.org/10.3362/1755-1986.2007.013>.
Miller, C. and Jones, L. (2010) Agricultural Value Chain Finance: Tools and Lessons, Rugby, UK: Practical Action Publishing; Rome: FAO.
Mungalaba, S. (2015) ‘Improving yields and profitability for small-scale farmers through conservation agriculture in Zambia’, Journal of Developments in Sustainable Agriculture 10(1): 61–5 <http://dx.doi.org/10.11178/jdsa.10.61>.
Norell, D., Lawson-Lartego, L., White, D., Bante, Z. and Conn, L. (2015) ‘Improving the food security of the extremely poor by linking them to markets’, Enterprise Development and Microfinance 26(1): 45–62 <http://dx.doi.org/10.3362/1755-1986.2015.006>.
Oberholster, C., Adendorff, C. and Jonker, K. (2015) ‘Financing agricultural production from a value chain perspective: recent evidence from South Africa’, Outlook on Agriculture 44(1): 49–60 <http://dx.doi.org/10.5367/oa.2015.0197>.
Onwude, D.I., Abdulstter, R., Gomes, C. and Hashim, N. (2016) ‘Mechanisation of large-scale agricultural fields in developing countries: a review’, Journal of the Science of Food and Agriculture 96(12): 3969–76 <http://dx.doi.org/10.1002/jsfa.7699>.
Otley, D.T. and Berry, A.J. (1994) ‘Case study research in management accounting and control’, Management Accounting Research 5(1): 45–65.
Patil, S., Jha, A.K. and Sinha, A. (2016) ‘Role of financial agencies in integrating small farmers into a sustainable value chain: a synthesis based on successful value chain financing efforts’, Current Science 110(11): 2082–90 <http://dx.doi.org/10.18520/cs/v110/i11/2082-2090>.
Ricketts, K.D., Turvey, C.G. and Gómez, M.I. (2014) ‘Value chain approaches to development: smallholder farmer perceptions of risk and benefits across three cocoa chains in Ghana’, Journal of Agribusiness in Developing and Emerging Economies 4(1): 2–22 <http://dx.doi.org/10.1108/JADEE-10-2012-0025>.
Scapens, R.W. (1990) ‘Researching management accounting practice: the role of case study methods’, British Accounting Review 22(3): 259–81.
Shwedel, K. (2006) ‘Agricultural value chain finance: four years on’, in R. Quirós (ed.), Agricultural Value Chain Finance, pp. 9–26, Costa Rica: FAO.
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