Summit to debate soaring food, oil prices

"We need to discuss and analyse all possible solutions on these sky-rocketing prices including transport costs which compound food prices," said Ping while addressing delegates during the official opening of the 13th Ordinary Session of Executive Council of the African Union in Sharm-El-Shaikh, Egypt, on Friday, 27 June 2008.

The Executive Council session, attended by, among others, 53 African Foreign Ministers, will focus mainly on the Millennium Development Goals (MDGs).

According to a report by the International Monetary Fund (IMF) issued in April, Sub-Saharan Africa was still far from achieving the MDGs, particularly on poverty reduction.

Ping said the escalating food prices had raised food production which, in turn, increased demand on bio-fuels.

"We need to find a common solution, especially in the critical food and security area.

"There is a great need for both emergency and long term goals to be put in place with strong policy measures while scaling up our resources in trying to meet this challenge," said Ping on Friday.

Between 2007 and 2008, food and oil prices have increased by 50% and the impact on food production imports remained high resulting in the poor being the hardest hit.

On Thursday, the South African government called on all governments throughout Africa to unite against high fuel prices.

The petrol price increase is influenced by the country's weak rand and the increasing crude oil price.

Article published courtesy of BuaNews