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Recent spikes in world food and energy prices have fostered renewed momentum for agricultural investment in lower and middle-income countries. Governments in some food-importing countries are promoting the acquisition of land overseas as a means to ensure long-term national food security. Businesses are recognizing new opportunities for strong returns from international investments in agriculture for food, fuel and other agricultural commodities. Dubbed 'land grabs' in the media, land-based investments have kindled much international debate, in which strong positions are taken on the impacts of such investments on environment, rights, sovereignty, livelihoods, development and conflict at local, national and international levels. Depending on how they are structured, agricultural investments may deliver local benefits and include small-scale producers in value chains, or carry environmental and social risks that fall disproportionately on local people. Vigorous public debate in recipient countries, effective screening of proposed investments, including robust environmental and social impact assessments, secure local land and resource rights, local voice in decision-making, skillfully negotiated and regulated contracts and effective policy incentives for business models that favor working with local farmers over large plantations can help make the renewed momentum in agricultural investment work for development.

Recent spikes in prices for food and energy have thrown into sharp relief the squeeze between demand and supply, and between rising populations and per capita consumption on the one hand and environmental degradation and climate change on the other. Governments have long looked beyond global markets to achieve national energy security, and now a range of countries that are net food importers are negotiating bilateral deals to secure food supplies. Equally, businesses are recognizing new opportunities for strong returns from international investments in agriculture, for food and fuel as well as for other products. In consequence, there has been a conspicuous surge in direct investment in agricultural land over the past couple of years. Dubbed 'land grabs' in the media, these investments have kindled much international debate, in which strong positions are taken on the impacts of such investments on environment, rights, sovereignty, livelihoods, development and conflict at local, national and international levels. An analysis of this complex and shifting situation, focusing on Africa, lays out key trends, drivers and main features, and outlines how to make the renewed momentum in agricultural investment work for development and avoid the pitfalls of exacerbated political tensions. 1

Despite much research on large land deals for plantation agriculture in Africa, reliable data remain elusive, partly because of limited access to information and practical and methodological challenges. International debates are still shaped by misperceptions about how much land is being acquired, where, by whom, how and with what consequences. This article aims empirically to test some common perceptions through an analysis of findings from research conducted in three African countries: Ethiopia, Ghana, and Tanzania. The article presents new evidence on the scale, geography, drivers and features of land deals, relates findings to data from earlier research and international efforts to monitor land deals, and outlines possible ways forward for ongoing monitoring of the deals.