In its latest report on food security, the World Bank calls for greater coherence between humanitarian and development finance to address the root causes of acute food insecurity and reduce reliance on short-term aid instruments. emphasized.
The report finds that as the world grapples with evolving geopolitical dynamics and increasing food security challenges, policymakers need to develop sustainable strategies to ensure global food security amid uncertainty. He said we face an urgent challenge to foster solutions.
Ghana situation
This call comes as global warming, particularly the reckless misuse and destruction of water bodies by illegal mining activities, is not only impacting the quality of water for agricultural use, but many water bodies are drying up or on the verge of drying up. It was done when. Exhausted.
For example, in Ghana, heavy pollution of water bodies from dangerous chemicals such as cyanide and mercury used to wash gold mined from the waters makes them extremely unsafe for farmers to use for crop production.
The country already imports large quantities of agricultural products such as tomatoes, onions and other vegetables from neighboring countries to supplement the few vegetables it grows domestically.
According to the Ghana Statistics Service (GSS), food inflation declined from 28.7% in December 2023 to 27.1% in January 2024.
Cocoa beverages recorded an inflation rate of 73.5%, followed by tea and related products with an inflation rate of 71.2%.
Vegetables, tubers, bananas and plantains accounted for 35.8 percent, coffee (33.2 percent), fish and other seafood (30.6 percent), fruit and vegetable juices (29.8 percent), and live animals and meat (29 percent). Did. cent), sugar, confectionery and desserts (27.4%), ready-made products (26%), fats and oils (24.3%).
Although the general food inflation rate has decreased slightly, it is observed that the main food items that the population needs on a daily basis are still very high, and this phenomenon is clearly a cause for concern.
Experts say the country’s trends leave much to be desired, and the government’s flagship program, planting trees for food and jobs, has had some positive results. However, they note that more needs to be done to protect the country’s waters and bodies of water. Provide easily accessible dams for farmers to grow crops.
This is the surest way to ensure food security and avoid global food shocks resulting from rising geopolitical tensions.
Report details
Domestic food price inflation remains a significant challenge in most poor countries and continues to have a stubborn grip on the economy, according to the World Bank’s latest food security update.
The report reveals that over 57.9% of low-income countries still suffer from inflation rates above 5%, despite a slight decrease of 5.3 percentage points since the last update in February 2024. became. Similarly, low- and middle-income countries experienced inflation in 71.7 years. %, but decreased by 2.2 percentage points.
In particular, the bank’s findings highlight a 10% increase in the export price index and a 3% increase in agricultural prices since the last update. Cocoa and cotton rose by 22% and 8%, respectively, contributing to overall export price increases.
However, the report also noted that grain prices fell by 2% due to cost reductions in corn and wheat. Year-on-year, corn and wheat prices plunged 35% and 21%, respectively, while rice prices rose 26%.