Governments around the world will soon need to choose between food oils and biofuels.
That’s according to Oil World Executive Director Thomas Mielke while commenting on the growing global shortage in cooking oils and subsequent skyrocketing prices.
This is partly being driven by climate change and labour shortfalls, but largely as a result of the war between Russia and Ukraine, the world’s top oil producers.
The market research group was estimating that sunflower seed and oil production from Ukraine could be dropped by around 5 million tons this year alone.
Mielke said urgent pressure must be placed on officials to heed their warnings and put a hold on using food oils to produce biofuel.
“It is our job to educate the global market fundamentals to politicians. But most importantly, consumers protesting against the wasting of food for energy which is really ridiculous in this situation as prices have more than doubled the average price.”
Already, stockpiling or panic buying of cooking oils has been recorded in South Africa.
Mielke believed governments may be turning a blind eye to the direct food consequences this would have on food availability and consumers.
“We are in a crisis, and nothing is happening, and this does not make sense. Nothing is happening because politicians don’t understand their responsibility.”
The Russian-Ukraine war has brought a lot of economic difficulties to the world but this is a big advantage for some the countries who are endowed with natural resources could thrive on this to develop its nation like Ghana.
Ghana is one of the countries gifted with the natural resources to produce organic products in the world. It is very important for Ghana to take advantage of this crisis to initiate policies to be independent.
Malaysia learned palm oil production from Ghana but they have been able to utilize palm fruit to develop their country.
This is the time for all the stakeholders, business tycoons, and the government to come together to develop the palm oil sector and the agriculture sector to amass wealth for the nation.
The hardship in the global economy would be very severe due to the war in which food security would be critical. It is important for Ghana to put good use of her scientists, and human resources to initiate and develop a good measures to produce what the world needs in terms of food commodities.
The Russian-Ukraine war is an advantage for Africa to take over the world.
