SSA experiences rising food insecurity

Bank of America recently released a report addressing the pressing need to transform the global food systems for a sustainable, equitable, and resilient future. The report highlights the critical issue of food insecurity and the challenges faced in ensuring access to food for all. Kay Hope, Research Analyst at Bank of America, joined CNBC Africa to discuss the findings and solutions put forth in the report. Hope emphasized that food security is no longer just a humanitarian concern but a fundamental security issue affecting everyone on the planet. The report underlines the fact that food production accounts for one-third of global greenhouse gas emissions. With a projected global population of nearly 10 billion by the end of the century, the need to produce more food sustainably is paramount. This is particularly critical in regions like Africa, where the potential to significantly contribute to global food production exists. One key aspect discussed is the importance of global partnerships and collaborations in addressing food insecurity. Hope points out that stakeholders across the entire food supply chain need to work together to increase food security. This includes strategies to enhance agricultural productivity, improve seed resilience, support small farmers, and reduce reliance on a small number of countries for food supply. Recent geopolitical events, such as the Russian invasion of Ukraine, have underscored the importance of diversifying food sources to mitigate risks. The report also sheds light on the significant challenges faced by low-income countries grappling with food insecurity. Rising food prices have forced many nations to divert more resources towards food subsidies, leaving less for other essential services. This predicament raises concerns among international investors, leading to higher refinancing rates for these countries. The vicious cycle of food insecurity, inflation, and economic instability poses a formidable challenge for many nations. One of the solutions proposed in the report is the reduction of food waste. Approximately one-third of food produced for human consumption is wasted annually, amounting to roughly 900 million people worth of food. By cutting food waste by 25%, it is estimated that an additional 900 million individuals could be fed, effectively addressing acute food insecurity globally. Initiatives to reduce food waste along the supply chain, from production to consumption, are vital in achieving this goal. Furthermore, the report underscores the importance of building resilience among small-scale farmers and promoting climate-adaptive agricultural practices. By supporting farmers in cultivating suitable crops for their specific regions and addressing the impacts of climate change, long-term food security can be enhanced. In conclusion, the report offers a ray of hope by outlining tangible solutions to combat food insecurity. Both short-term measures, such as reducing food waste, and long-term strategies, like enhancing agricultural resilience, are crucial in ensuring a sustainable food future for all. The increasing awareness and implementation of such initiatives provide optimism for a more food-secure world. As Kay Hope aptly stated, 'a lot of this is hitting the ground,' indicating the tangible progress being made in the fight against food insecurity.