Ghana directly affected by Russia-Ukraine war – Bawumia
Vice President Dr Mahamudu Bawumia has said the Russian-Ukraine war has had direct effect on Ghana.
Speaking on the state of the economy at the TESCON Conference 2022 organised in collaboration with the Danquah Institute at the Pentecost Conference Centre at the Millennium City in Kasoa in the Central Region, today, Thursday, 7 April 2022, Dr Bawumia bemoaned that it is unfortunate no one knows when the war will be over.
He admitted there are price hikes in commodities but the war has worsened it.
He said: “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 conflict 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 begun. 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.”
He also added that “The global increase in fuel prices is causing hardship.”
Notwithstanding these and Covid-19, Dr Bawumia said Ghana’s current account position between 2017 and 2022 is much stronger than that between 2013 and 2016.
