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Land Deals in Africa: Pioneers and speculators

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  • Paul Collier
  • Anthony J Venables

Abstract

Much African land currently has low productivity and has attracted investors leasing land as a speculative option on higher future prices or productivity. To be beneficial land deals need to induce productivity enhancing investments. Some of these will be publicly provided (infrastructure, agronomic knowledge), and some can only be provided by ‘pioneer’ investors who discover what works and create demonstration effects. Such pioneers can be rewarded for the positive externalities they create by being granted options on large areas of land. However, pioneers must be separated from speculators by screening and by requirements to work a fraction of the land.

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Bibliographic Info

Paper provided by Oxford Centre for the Analysis of Resource Rich Economies, University of Oxford in its series OxCarre Working Papers with number 069.

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Date of creation: 2012
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Handle: RePEc:oxf:oxcrwp:069

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Keywords: land deals; farmland; Africa; rent; lease;

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  1. Avinash Dixit, 1992. "Investment and Hysteresis," Journal of Economic Perspectives, American Economic Association, vol. 6(1), pages 107-132, Winter.
  2. Grenadier, Steven R., 1995. "Valuing lease contracts A real-options approach," Journal of Financial Economics, Elsevier, vol. 38(3), pages 297-331, July.
  3. Besley, Timothy, 1995. "Property Rights and Investment Incentives: Theory and Evidence from Ghana," Journal of Political Economy, University of Chicago Press, vol. 103(5), pages 903-37, October.
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Cited by:
  1. Di Corato, Luca & Hess, Sebastian, 2013. "Farmland Investments in Africa: What’s the Deal?," Working Paper Series 2013:10, Department Economics, Swedish University of Agricultural Sciences.

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