Coast sounds alarm over world inflation, grain crisis

Coast sounds alarm over world inflation, grain crisis

Coast sounds alarm over world inflation, grain crisis

Coast sounds alarm over (Credits: Google)

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  • Ivorian President Alassane Ouattara says he is concerned about the slowdown in world growth.
  • Experts have frequently warned that the Ukraine war has exacerbated food insecurity in Africa.
  • Violence, climate change, and impact of Covid-19 outbreak.
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On Monday, Ivorian President Alassane Ouattara warned the world trading system was being pummelling by an inflationary wave and the cascading effects of the Ukraine crisis on the global economy.

“We are concerned, that’s the very least that I can say, by the slowdown in world growth and the availability for Africa of certain products such as wheat (and) fertiliser, and of course by the inflationary surge,” Ouattara said at the opening of CEO Forum, a conference scheduled to gather 1,500 business and political leaders.

Ouattara gave the example of how India in mid-May slapped a ban on exports of its wheat.

Read More: Oil prices are falling as a result of Beijing’s COVID warning and inflation

“An inflationary situation like this pushes governments and businesses into reassessing their dependence on international networks. It really calls into question globalisation and the notion of world trade. This situation has been accentuated by the crisis in Ukraine,” he said.

Experts have frequently warned that the Ukraine war has exacerbated food insecurity in Africa caused by violence, climate change, and the impact of the Covid-19 outbreak.

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Russia and Ukraine account for 30 percent of global wheat commerce. The battle has also pushed up the prices of gasoline and gas, fertiliser, and metals.

Makhtar Diop, director-general of the World Bank Group’s International Finance Corporation, told the two-day conference that Africa should exploit the “convergence of crises” to implement structural changes and put economies on a new footing.

Read More: Inflation & industrial unrest in United Kingdom threaten troubled schedule

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