Akufo-Addo blames Russia’s Ukraine invasion for worsening economy

President Akufo-Addo has blamed the Ukraine invasion by Russia for the worsening economic situation in Ghana.

Fuel prices and prices of foodstuffs and services have increased significantly in recent months with the majority of Ghanaians calling on the government to come up with innovative measures to provide some comfort to Ghanaians.

But delivering his sixth State of the Nation Address to Parliament on Wednesday, the President stated that Ghana’s economy was on the road to recovery after the Covid-19 pandemic until the invasion of Ukraine by Russia compounded the economic crisis.

“The economic devastation of COVID has, since the beginning of this year, been further aggravated by the Russian invasion of Ukraine, which has worsened the economic outlook of the entire world. We, in Ghana, have not escaped this development, and the consequences are being felt in rising living costs at our markets and at fuel stations.

“The terrible events in Ukraine have a direct impact on our lives here in Ghana. Mr Speaker, thirty per cent (30%) of our wheat flour and fertilizer imports come from Russia. Sixty percent (60%) of iron rods and other metal sheets are imported from Ukraine, and almost twenty percent (20%) of Ghana’s manganese is shipped to Ukraine.

“The bombs might be dropping on cities half a world away but they are hitting our pockets here in Ghana. Even so, we have managed to ensure that fuel supplies have not been disrupted, unlike in several other parts of the world.

“The measures that have been announced by the Minister for Finance are meant to demonstrate that we are aware that we are in difficult times, and we are addressing the situation. The belt-tightening measures being set for members of the Executive have been elaborated within this context.

“This government remains alive to its responsibilities to the Ghanaian people. The difficulties of the time notwithstanding, we intend to continue to grow this economy and bring prosperity. That will only happen when we continue to invest in the future.

Source: Ghana/Starrfm.com.gh