Both President Nana Akufo-Addo and Vice President Dr. Mahamudu Bawumia have blamed Russia and Ukraine for Ghana’s economic crises as they claim the conflict between the two countries coupled with the global COVID-19 pandemic has adversely impacted Ghana’s progress.
Russia Is Part Of Our Problems
Dr. Bawumia, in his address on the state of the economy at the National TESCON Training and Orientation Conference on April 7, stated “the increase in commodity prices has been exacerbated by the Russia-Ukraine conflict. Russia and Ukraine together account for 30% of global wheat exports; the longer the conflict ensues, the greater will be the disruption to global food supplies. The conflict is also likely to slow down global growth”.
“According to the AfDB, the price of wheat has shot up by 62% since the war began, the price of fertilizer is up by 300%, and the price of maize is up by 36%. Here in Ghana, some 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 Russian-Ukraine war. Unfortunately, we do not know when it would be over,” he added.
Don’t Blame Us For Your Problems
But in a tweet by the Russian Embassy on Monday, it stated it cannot be blamed for the current price hikes.
“The current situation in the food markets is not a result of two months of this year, but a steady trend of at least two years. Food prices started rising in mid-2020 and reached an all-time high in February 2022.
“This is a real market shock caused by high demand and rising prices on food, raw materials, and transportation services, including freight, in the post-Covid recovery period,” the Embassy tweeted.
Kabila Scolds Russia
Reacting to the Embassy’s reply, James Kwabena Bomfeh, a.k.a Kabila, has asked the Embassy to stop defending Russia.
According to him, whether Russia likes it or not, it is part of the world’s problems affecting most countries with Ghana not an exception.
During a panel discussion on Peace FM’s ‘Kokrokoo’ programme, he argued that the President and Vice President are right to blame the Russia/Ukraine war for the economic woes confronting Ghanaians, asserting that, “whether Russia likes it or not, your activities in Ukraine, even in NATO, have repercussions on the world. Whether you like it or not, it is”.
”Even Putin has said such things in many places where he admits that the things they are doing, it is going to have a telling effect on the economics and world affairs,” he added and asked the Russian embassy ”why any denial?”