Pretty good food, reportedly (4)
I believe the answer is:
fair
'pretty good' is the definition.
'food reportedly' is the wordplay.
'food' becomes 'fare' (fare is a kind of food).
'reportedly' shows a homophone (sound like).
'fare' is a homophone of 'FAIR'.
(Other definitions for fair that I've seen before include "Women are known as the ... sex" , "Free from bias" , "... enough! - that's reasonable" , "Just; amusement" , "All clues should be" .)