The Vice President of Ghana, Dr Mahamudu Bawumia has explained that Ghana is facing hardship because it is directly affected by the Russia – Ukraine war.
According to him, aside Ghana’s economy suffering from the covid-19 pandemic, just like other countries, Ghana’s economy has been affected by the war because of the trade it does with both countries.
He said this at while delivering ‘The state of the Economy’ at the National TESCON Conference 2022 on Thursday, April 7, 2022.
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Ghana like other countries is experiencing hike in fuel prices and commodities, amidst the depreciation of the cedi amongst others.
Explaining the latter, he stated that the increase in commodity prices has been exacerbated by the Russia- Ukraine conflict, noting that the longer the conflict ensues, the greater there would be the disruption to global food supply.
“According to the African Development Bank, the price of wheat has shot up to 62 per cent since the war began and the price of fertilizer is up by 300 per cent and the price of maize is up by 36 per cent since the war began,” he said.
He continued that, “Here in Ghana, 60 per cent of our total import of ironore and steel are from Ukraine; Russia accounts for 30 per cent of Ghana’s imported grains, 50 per cent of flour and 39 percent of fertilizer, so we are directly affected by the Russian -Ukraine war,” he said.
Dr Mahamudu Bawumia added that, “Unfortunately, we do not know when it will be over.”
He also said the global increase in fuel prices is causing hardships even in the advanced economies including the USA.
Ghana| Atinkaonline.com| Porcia Oforiwaa Ofori
