Governments in sub-Saharan Africa and their donors have made business investment a major policy goal, supported by a variety of incentives designed to support business investment in agriculture. However, little is known about the factors which influence agribusiness investment in Africa, and how effective these incentives have been. This paper examines the motivations of agribusiness investment, the effectiveness of government and donor policy incentives, and the relevance of these incentives for four different commercialisation pathways.