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Ghana bans export of 2 commodities over food security. But is that enough?

Published

3 years ago

April 12, 2022

In the wake of growing concern about food security globally, Ghana’s Food and Agriculture Ministry has placed a ban on the exportation of soya bean, and maize from the country.

The Ministry said the restrictions are part of measures to ensure food security and increase local poultry and livestock production and revealed that the Plant Protection and Regulatory Services Directorate (PPRSD), has stopped issuing phytosanitary certificates for the export of both commodities.

The Ministry’s Press Secretary, Issah Alhassan explained that the West African country has had challenges meeting its food needs since the outbreak of the global pandemic, Colin-19 in 2020.

“Over the past two years, since the advent of Covid-19, we had to endure a lot of challenges so, in order to ensure that the local demand is met, there was the need to promulgate a law to ensure that any individual that wants to export soybeans from this country has to come for a permit.”

Some countries have been forced to make food policies since the beginning of the ongoing Ukraine/Russia war in February largely because the two countries are major exporters of food, particularly wheat. Recall that slamreportafrica.com reported last month that Egypt’s Prime Minister, Mostafa Madbouly, has announced that the country will diversify its sources of wheat to avoid relying on what he described as “specific sources” for this product.

In Nigeria, Ghana’s West African neighbour, the richest man in Africa and chairman of the Dangote Group, Aliko Dangote of Nigeria, also warned Nigerians to be prepared for an impending food crisis within the next two to three months.

Mr. Dangote, then advised the government to immediately stop the ongoing export of maize abroad by some Nigerians, blaming the development on the ongoing conflict between Russia and Ukraine.

Apart from recent data from the Ghana Statistical Service (GSS) indicating the increasing cost of foodstuff, there have been concerns over a possible food shortage in Ghana.

But how effective can a ban on exportation be in the push to achieve sufficiency in the world today? What if other countries also shut down the exportation of other essential commodities? Who loses?

Related Topics:Featured Ghana Maize Soya bean

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IMF mission concludes 4th loan program assessment in Egypt

Published

2 days ago

November 22, 2024

Ifeoluwa Dada

Following the completion of a recent visit to Egypt, the International Monetary Fund (IMF) has announced that its mission had achieved significant strides in policy talks aimed at concluding the fourth review of the IMF loan program.

The review is the fourth in Egypt’s most recent 46-month IMF loan program, which was authorised in 2022 and increased to $8 billion this year following an economic crisis characterised by high inflation and chronic foreign exchange shortages. It may unleash more than $1.2 billion in financing.

Along with reaffirming its commitment to maintain a flexible exchange rate system, the IMF stated that Egypt “has implemented key reforms to preserve macroeconomic stability,” including the unification of the currency rate that facilitated imports.

Earlier on Wednesday, Egypt’s Prime Minister Mostafa Madbouly said Cairo has asked the IMF to modify the targets for the programme not only for this year, but for its full duration, he added without giving more details.

“Discussions will continue over the coming days to finalize agreement on the remaining policies and reforms that could support the completion of the fourth review,” the IMF added in its statement.

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Kenya seeks $750m from World Bank, obtains $200m from AfDB— Official

Published

4 days ago

November 20, 2024

Ifeoluwa Dada

The head of debt management for the finance ministry told Reuters that Kenya had obtained a $200 million loan from the African Development Bank (AfDB) and was negotiating a fresh $750 million loan with the World Bank.

After being forced to abandon proposed tax rises costing more than 346 billion shillings ($2.68 billion) in June due to fatal demonstrations, the East African nation’s administration, which has been grappling with significant debt, has been frantically seeking fresh funding.

The Finance Ministry’s public debt management office director general, Raphael Owino, told Reuters that the IMF’s October clearance of the seventh and eighth reviews, which opened the door for a $606 million loan tranche, had aided the ministry’s talks for more loans.

“The World Bank is coming on board, riding on the back of IMF receipts,” Owino said. “The AfDB is already on board.”

The discussions for more assistance, which came under the World Bank’s “Development Policy Operations” (DPO) with the government, were confirmed by a representative at the organization’s Kenya office.

“The amount of the current (loan) is yet to be determined. The amount will also depend on the implementation of the policy reforms agreed upon,” the spokesperson told Reuters, adding that past DPO loans averaged about $750 million.

In May, the World Bank approved the latest round of DPO loans, totalling $1.2 billion.

According to a statement made last month by Finance Minister John Mbadi, Kenya has set a foreign borrowing goal of 168 billion shillings for the fiscal year ending in June 2025.