Bombs might be hitting Ukraine, but it is affecting our pockets in Ghana – Akufo-Addo

Akufo-Addo says Ukraine-Russian war having a direct impact on Ghana's economy

Ukraine war affecting Ghana's export of Manganese – Akufo-Addo

Ukraine-Russian war affecting the supply of fertilizer to farmers – President

President Nana Addo Dankwa Akufo-Addo has said that the ongoing Russian-Ukraine war has further heightened the economic hardship caused by the COVID-19 pandemic in all countries, including Ghana.

According to the president,

Read full article.although Ghana is not directly involved in the war, it is having a severe impact on economic activities in the country.

Delivering the State of the Nations Address in Parliament on March 3, 2022, Akufo-Addo said, "the economic devastation of COVID has 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 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," he added.

The president stated that the war was devastating, particularly in Ghana's agriculture and construction sectors.

"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 per cent (60%) of iron rods and other metal sheets are imported from Ukraine, and almost twenty per cent (20%) of Ghana's manganese is shipped to Ukraine," he said.

Akufo-Addo indicated that the government was on top of resolving these issues and that the measures announced by the Minister for Finance, Ken Ofori-Atta, were intended to get the country out of these difficult times.

"The belt-tightening measures being set for members of the Executive have been elaborated within this context," he added.

Watch video of the president's remarks below: