Uruguay vs Ghana: if only betting on food was regulated like betting on football
As soon as the last whistle of the game was blown, car boots opened to let out the drums that had been waiting to celebrate; doors opened to let the jubilant crowd who had been watching the match spill out on to the street so they had more room to party; traffic came to a standstill as roads in South Norwood, London, turned into a makeshift dance floor; champagne corks popped. Ghana had beaten USA and we’re through to the quarter finals.
So now we face Uruguay. In the Who Should I Cheer For social justice rankings Ghana holds the number one spot while Uruguay trails far behind in 21st place. I would have been cheering for Ghana anyway so I will just cheer even louder – especially as Ghana’s percentage of women in politics is 11.8% of compared to Uraguay’s, well – 0%.
While we’re on the subject of statistics, apparently the odds on Ghana winning are 3/1. I know this because since the last World Cup the gambling restrictions in the UK have been relaxed and gambling companies can now advertise their services on tv. This they do during all the ad breaks before, during and after the match. There was a big debate about whether gambling adverts should be allowed, but eventually the decision to allow it was taken as long as ads conformed to a set of rules to ensure they are ‘socially responsible’ and ‘must not show gamblers behaving in a way which is irresponsible or could lead to “financial, social or emotional harm’.
It’s a shame such tight regulations don’t apply to the gambling that is currently taking place on food – banks are earning huge profits from betting on food prices in unregulated financial markets. This food speculation creates instability and pushes up global food prices, making poor families around the world go hungry and forcing millions into deeper poverty. It’s ironic that tv adverts are restricted, but the actions of banks, hedge funds and pensions funds gambling on food are unregulated when their behaviour has not been ‘socially responsible’ and is leading to ‘financial, social [and] emotional harm’ to many people around the world – especially in poorer countries as affordable food is pushed further and further out of reach.
The World Development Movement is campaigning to have the financial markets regulated to stop reckless bankers gambling on food and hunger (www.wdm.org.uk/food or search #hungercasino on Twitter).
The Obama administration and the EU are pushing for regulations but the UK is siding with the bankers and standing in the way of reform. WDM’s campaign aims to remove this barrier change so we can have a safer, fairer food economy.
Posted in: Ghana, Uruguay, Uruguay-Ghana
Views expressed here are the author's own and do not necessarily reflect those of the World Development Movement.


