Soaring US dollar leaves food piled up in ports as world hunger grows

High interest rates, falling forex reserves mean many nations cannot pay for food

Food importers from Africa to Asia are scrambling for dollars to pay their bills as a surge in the US currency drives prices even higher for countries already facing a historic global food crisis.

In Ghana, importers are warning about shortages in the run-up to Christmas.

Thousands of containers loaded with food recently piled up at ports in Pakistan, while private bakers in Egypt raised bread prices after some flour mills ran out of wheat which was stranded at Customs.

Around the world, countries that rely on food imports are grappling with a destructive combination of high-interest rates, a soaring dollar, and elevated commodity prices, eroding their power to pay for goods that are typically priced in the greenback.

Dwindling foreign currency reserves in many cases have reduced access to dollars, and banks are slow in releasing payments.

"They cannot afford it, they cannot pay for these commodities," said Mr Alex Sanfeliu, world trading head for crop giant Cargill.