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Climate Change, Global Price Shocks, Conflicts To Affect Over 100m People

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Mamadou Barry, the IMF Resident Representative in the Gambia

By Buba Gagigo

The International Monetary Fund (IFM) revealed that Climate change, global price shocks, and conflicts are driving food insecurity in Sub Saharan Africa (SSA), and are estimated to affect at least 123 million people, which is 12 percent of the area’s population by end 2022.

IFM made these revelations in its presentation at the launch of a Joint in-country October 2022 Regional Economic Outlook (REO) for Sub-Saharan Africa, and dialogue on the rising cost of living in The Gambia- Res Rep’s Presentation.

“Climate change, global price shocks, and conflicts are driving food insecurity in SSA, which is estimated to affect at least 123 million people or 12 percent of SSA’s population by end 2022,” IMF October 2022 Regional Economic Outlook (REO) for Sub-Saharan Africa revealed.

It also said policymakers should ideally allow global prices to pass through into domestic prices and protect the most vulnerable through targeted cash transfers, or an expansion of social safety nets.

IMF said in practice, many countries resorted to untargeted, costly and distortionary fiscal and support measures such as fuel price subsidies, tax rebates, and price controls.

“These emergency policies are adding pressures on the budget and should be gradually phased out,” the outlook concluded.

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