The Fund warned that 123 million people, or 13% of the population of sub-Saharan Africa, will face extreme food insecurity by the end of the year in its semi-annual regional economic expectations issued on Friday. When people lack access to a sufficient diet, their lives and way of life are in immediate jeopardy. This is a serious lack of food security.
Prior to the Kofid-19 pandemic, the population was around 82 million, but the strike caused by the pandemic, the fallout from the Ukraine conflict, the escalation of unrest, and the resulting dehydration in some regions of the continent, as well as all of these factors, contributed to the high number in this abrupt form.
Selassi told Reuters this week, “What is truly concerning is that this comes on top of the flaw caused by the epidemic.”
“The conditions I saw there and related to food security are already really horrible,” he continued. “I was in Chad (in May).
Ethiopia, Somalia, and some parts of Kenya are poised to experience the fifth season’s rains, while Somalia is about to experience a famine.
Since the second half of 2021, the annual inflation rate of food prices in sub-Saharan Africa has exceeded ten percent, and this week the IMF increased its prediction for inflation in the area by two percent to 8.7 percent for this year.
Additionally, it decreased forecasts for GDP growth by 0.2% to 3.6%, which is a considerable reduction from the 4.7% growth in 2021. He emphasised that Zimbabwe, Malawi, Ethiopia, Ghana, and Nigeria may need to boost interest rates more quickly.
Silasi stated that “central banks face a position that necessitates a very accurate balance” and referred to inflation as “a malicious levy that is borne by the weakest.”
“The most heavy in sub-Saharan Africa in Africa is essentially difficult to reach foreign finance markets due to the significant rise in interest throughout the world.
Silasi stated that efforts are still being made to ascertain whether the West African nation needs to lessen the loads of its obligations. As a result, several nations, including Ghana, asked the IMF for a rescue package.
IMF: Inflation has “horrendous” effects on food security
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