Africa: Market Lords, Much More Than a War, Behind World's Food Crisis

A five-year-old girl eats corn for lunch in Madagascar. Her mother is a farmer and feeds her family with what she can produce, despite drought and insects .Madrid — While grain exports continue to regularly flow to world's markets since the July 2022 Turkey-brokered agreement between Russia and Ukraine to resume cereals and fertilisers shipments from both countries, food prices are still skyrocketing everywhere.

Another argument they use is that it is Russia who interrupted its gas and oil exports, omitting the fact that it is West US-led sanctions that have drastically cut this flow to mostly European markets, causing a steady rise in energy costs, food transportation, etcetera. Specifically, explains Michael Fakhri,"Markets are amplifying shocks and not absorbing them... food prices are soaring not because of a problem with supply and demand as such; it is because of price speculation in commodity futures markets."The current food crisis is caused by"international failures," he said, while providing two points in conclusion:

According to Michael Fakhri, some Member States and civil society organisations tried to get the CFS to pass a resolution last October in order for it to be the place to enable global policy coordination around the food crisis. In its dossier, researchers from Focus on the Global South write about various aspects of the current crisis, its causes, and how it is impacting countries in Asia.These include regional analysis, case studies from Sri Lanka, Philippines and India,"the role of corporations in fuelling the crisis and the flawed responses of international institutions such as the World Trade Organisation , the Bretton Woods Institutions and United Nations agencies.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

LEBOGANG MULAISI: Rethinking labour market institutions to achieve the ideals of labour lawSA’s labour legislation is considered the world’s best, but this is meaningless unless the CCMA and labour court are protected from abuse at the source of workplace disputes
Source: BDliveSA - 🏆 12. / 63 Read more »

Apple’s $191bn single-day surge sets stock-market record.Apple’s surge Thursday was one for the record books. Moneyweb BusinessNews Markets KhandaniM Apple Securing your BITCOIN profits, requires a well inclined account manager that can give you the best service. That's why you have Deirdremerson a honest and trustworthy trader... Thanks a lot ma'am for helping me win, I appreciate your goodness and i recommend you. Godbless you
Source: Moneyweb - 🏆 5. / 77 Read more »

JSE looks set to rally as lower US inflation data triggers market surgeTencent, which influences the JSE via Naspers and Prosus, leaped 7.26% on Friday morning
Source: BDliveSA - 🏆 12. / 63 Read more »

Former PPC CFO identified as source of market-sensitive media leaksThe information was related to a potential merger between JSE-listed cement producer PPC and competitor AfriSam. Moneyweb
Source: Moneyweb - 🏆 5. / 77 Read more »

Market welcomes US inflation data[LISTEN] Viv Govender of Rand Swiss discusses today’s market movements, US CPI, the rand, and whether the worst is behind us, on the SAfm Market Update with Moneyweb. inflation Fed Download the podcast
Source: Moneyweb - 🏆 5. / 77 Read more »

[TOP STORY] TWK is optimising value chains and gaining market share[LISTEN] There’s good expectation for revenue for farmers in 2023, given the elevated Safex commodity prices and expectations of good rain. TWK_Agri CFO Eddie Fivaz on MoneywebNOW with SimonPB agriculture timber Download the podcast
Source: Moneyweb - 🏆 5. / 77 Read more »