President Nana Addo Dankwa Akufo-Addo has averred that Russia’s invasion of Ukraine is increasing the level of poverty in Africa.
He stated that data available shows that over 430 million people in Africa have been rendered poor by the war.
He made the remarks while addressing the 2022 European Union Development Days Conference in Brussels, Belgium.
President Nana Akufo-Addo urged all to help end the war to help reduce the level of poverty ongoing in the sub-region.
“Indeed, the recent United Nations report estimates that, about 70 percent of Africa’s economies are at severe risks of the Russian war in Ukraine. In the midst of this, 18 African economies have experienced credit downgrades even when all African economies are suffering from last year’s pandemic and we in Africa are also facing the risk of the so-called tantrums as investors exist in our markets thereby exacerbating the increasing cost of borrowing.”
“At this moment, the World Bank tells us that the subsequent of the conflict, the number of poor people in Sub-Saharan Africa could rise from 413 million to 463 million this year – an increase of 50 million people.”