The Vice President of the Republic, Dr. Mahamudu Bawumia has blamed the country’s economic woes on the turf war between Russia and Ukraine.
He reiterated that Ghana has been directly affected by the ongoing geopolitical tension between Russia and Ukraine.
Addressing TESCON members on Thursday, April 7, 2022, Dr. Bawumia explained that Russia accounts for some 30% of Ghana’s imported grains, 50% of flour, and 39% of fertilizer.
“The increase in commodity prices has been exacerbated by the Russia-Ukraine conflict. Russia and Ukraine together account for 30% of the global wheat export. The longer the conflict the greater will be the disruptions to the global food supply. The country is also likely to slow global growth.
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According to the AfDB the price of wheat has shot up by 62% since the war begun. The price of fertilizer is up by 300%, and the price of maize is up by 36%, since the war began. Here in Ghana, 60 % of our total imports of iron ore and steel are from Ukraine.
Russia accounts for some 30% of Ghana’s imported grains, 50% of flour, and 39% 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,” the Vice President of the Republic of Ghana maintained.
He further admitted that he recognizes that the country is going through some challenges at the moment.
