The Vice President Dr. Mahamudu Bawumia has noted that Ghana is directly affected by the Russian and Ukraine war.
He said the country cannot be excluded from the economic impact that the ongoing geopolitical tension between Russia and Ukraine has on countries.
He made the remarks while addressing TESCON members on Thursday, April 7.
He indicated that Russia accounts for some 30 per cent of Ghana’s imported grains, 50 per cent of flour, and 39 per cent of fertilizer.
“The increase in commodity prices has been exacerbated by the Russia-Ukraine conflict. Russia and Ukraine together account for 30 per cent of the global wheat export. The longer the conflict the greater will be the disruptions to global food supply. The country is also likely to slow global growth.
“According to the AfDB the price of wheat has shot up by 62 per cent since the war began. The price of fertilizer is up by 300 per cent, the price of maize is up by 36 per cent since the war begin. Here in Ghana 60 per cent of our total imports of iron ore and steel are from Ukraine.
“Russia accounts for some 30 per cent of Ghana’s imported grains, 50 per cent of flour, and 39 per cent of fertilizer. So we are directly affected by the Russia-Ukraine war. Unfortunately, we do not know when it will be over. The global increase in fuel prices is causing hardship.”
In his address, he also admitted that the economy was faced with challenges.
He however indicated that some measures have been introduced by the government to address the challenges.
“From the man on the streets to the business mogul, the health of the economy is the foundational instrument.
“The economy is what we feel in our pockets. I acknowledge that we are going through difficult times, this is the reality. Our economy is experiencing rising prices of fuel and virtually all commodities. Prices are on the rise.”
“These have come as a surprise to many Ghanaians and many questions have been asked about the state of the economy. Do these questions include what has happened to the fundamentals? Why are the prices of goods and services increasing so fast? Why has the Cedi depreciated so fast this year?
“What programess does the government have to show for the higher debt? Where is the new economy that the government promised to build? I will address these questions based on data and facts.
“I will admit where there have challenges and we will all leave here with a better state of the economy, where we have come from, and where we are going.”
By: Rainbowradioonline.com/Ghana