Social Forum on Global Financial Crisis

More than 40 participants, drawn from NGOs, the media and CSOs, last Thursday gathered at the conference room of TANGO to discuss issues surrounding the looming global financial crisis, and its effect on the local economy.

The one day meeting was organised by the Social Forum, in collaboration with the department of state for Trade Industry and Employment. During the interactive session the discussion centered on three main topics: food crisis; the global food crisis trends and its impact on national development; and the Impact of the global economic crisis on Trade and Investment in the Gambia.

Alhagie Kebbeh, Director of National Youths Association for Global Food Security, presenting on the sub-topic ‘global food crisis’, stressed the need to consider the right-based principles in ensuring food security.

Describing the situation of hunger in the world as alarming, Mr Kebbeh maintained that the increase in food prices in 2007 and the first half of 2008 had hit the poorest households severely, leading them to reduce their food consumption.

The hunger-free youth advocate’s presentation revealed that at least 925 million people are hungry in the world today, compared to 848 million in between 2003 and 2005. Progress towards the realisation of the first goal of the Millennium Development Goals he said, has been reversed in all the regions.

In his presentation, Buba Khan, Food Rights Manager, Action Aid The Gambia, cited the fact that there have been food riots all around the world, as price hikes at the world market level filtered down to the consumers. According to him, Action Aid estimates that around 1.7 billion people, i.e., 25 % of the world’s population, are at risk of food insecurity.

He said developing countries as a whole face huge increase in their import bills for food – adding up to the soaring cost of oil and other commodities.  "It is estimated that food imports could cost developing countries 25 per cent more in 2008 than in 2007, and that since 2000, food import bills have doubled and this will have serious impacts for spending in other areas."

 At the same time, Mr Khan went on, this price rise also contributes to inflationary pressures, affecting the net income of poor families as well as government budget availability. High food prices will sharply increase both the incidence and depth of food insecurity. Therefore, this trend of food price rise gave rise to new food crises.

Another burning issue intensively discussed was land; with the bulk of participants arguing that more lands should be reserved for agricultural production instead of infrastructure.
There was also a recommendation for a national conference to be convened and be organised by Department of State for Trade Industry and Employment, centred on the global food crisis.