By Sallieu S. Kanu
The Minister of Finance, Sheku Ahmed Fantamadi Bangura, has called on global leaders and development partners to act with urgency in addressing the issue of fertilizer because of the ongoing war in the Middle East, which has affected global supply chains, while urging for alternative sources.
He made this global appeal at the High-Level Global Partnerships Conference (GPC) in London, hosted by the Foreign, Commonwealth and Development Office (FCDO) of the United Kingdom. It aims to create new partnerships that address common challenges, mobilise investment, protect resilient growth led by countries themselves, and strengthen international cooperation, helping the UK and its partners become safer and more prosperous.
The conference, as the UK’s new approach to development, brings together a diverse coalition of governments, international organisations, philanthropists, investors, innovators, civil society, business, and tech leaders.
The minister of finance, Sheku Ahmed Fantamadi Bangura, informed the conference that the crisis in the Middle East has the potential to undo Sierra Leone’s impressive gains made in preserving macroeconomic stability over the past years if necessary steps are not taken.
While addressing the implications of the Iran crisis on fertilizer markets and food security and potential responses, Minister Bangura said the crisis is a clear and present danger that will force developing countries to look for alternative sources for fertilizers, especially ammonia and urea. He shared that Sierra Leone is import-dependent and that prices and access to fertilizer pose a risk to social stability and food security.
While appealing for urgent support on behalf of developing countries, Minister Bangura called on the UK government for emergency concessional financing along with a coordinated approach to the procurement of key agricultural inputs to ensure an even distribution among developing countries. His intervention was roundly supported by all the subsequent speakers in the session.
Minister Bangura said the new UK government’s outcomes-based financing model is important because it is a citizens-led policy formulation approach that ensures the desired outcomes of projects are achieved. He urged the UK government to take advantage of the current global challenge and take leadership at the global level in terms of how support is implemented in developing countries.
The GPC conference brought together finance ministers from developing countries, UK government officials, the president of the African Development Bank Group, representatives from the Food and Agriculture Organisation, the World Food Programme, the World Bank, international financial institutions, and private sector representatives.
In another development, the minister of finance, Sheku Fantamadi Bangura, attended the Fiscal Resilience Roundtable, where they discussed how development partners can support partner countries to raise more domestic revenue, spend well, borrow responsibly, and manage stocks more effectively through better-coordinated international support.
The minister of finance held productive bilateral meetings with development partners and other meaningful groups and individuals, including Dr Sidi Ould Tah, president of the African Development Bank Group; Mr Phil Stevens, director in international finance of the Foreign, Commonwealth and Development Office; and Mr Leslie Maadorp, the chief executive officer of British International Investment (BII).