FAO warns about food crisis, $1.7 bln needed to revive agriculture

Published on Thursday 10th July 2008

Lagos: The Food and Agriculture Organization (FAO) has observed that African countries affected by soaring food prices would need at least a total of 1.7 billion U.S. dollars to revive their agriculture system, neglected for several decades, reported the Ghana News Agency.

It said, the amount is just for immediate and short measures during the period 2008-2009.

The FAO Media Office in Accra on Wednesday said the unprecedented hike in food prices, which rose 52 percent between 2007 and 2008, has had severe economic, social and political consequences in poor countries.

It observed that high prices of agricultural inputs had become a major obstacle for developing countries to increase agricultural production.

It said during the period January 2007 to April 2008, fertilizer prices in particular shot up at much faster rate than food prices.