Can forgotten Africa weather financial crash?
www.peopleandplanet.net 15 October 2008 In all the media coverage of the global financial and economic crisis, very little has been said about the likely impact of events on the people of Africa. Contributing Editor, John Madeley, says there is, in fact, some good news – fuel and food prices have fallen steeply. And if the opportunity is taken to focus on African agricultural potential some long-term good might come out of the crisis. The looming slowdown in worldwide economic activity has led to the price of oil dropping from US$145 a barrel in July to under US$80 in mid-October. Oil now costs little more than half what it cost only three months ago. This is good news for Africa as most countries on the continent are importers of the fuel. Some traders believe the price could continue down to US$60, and maybe even lower. The drop in oil prices has also reduced the cost of fertiliser. The rising fertiliser price, earlier this year, was one the reasons for the rise in food prices. Food
