A depreciated real exchange rate lowers labour costs and enhances the competitiveness of labour-intensive exports. This requires a rethinking of the priority given to inflation targeting13 which has often resulted in exchange-rate overvaluation, undermining export growth and diversification (United Nations Conference on Trade and Development, 2003). Needed would be a broader approach to agricultural development policies, focusing on access to land, extension services, improved inputs, credits and rural infrastructure so as to secure a greater and more predictable marketable surplus and income to farmers and inputs for agro-industrial development.