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.

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