Russia-Ukraine war, COVID-19 adversely affecting African economies – Akufo-Addo reiterates

Russia-Ukraine war affecting African economies

Impact of COVID-19 still lingering

Africa wants end to Russia-Ukraine war

President Nana Addo Dankwa Akufo-Addo has again cited the impact of the Russia-Ukraine war and its correlation to increasing poverty levels across the continent.

Whiles delivering an address at the 2022 European Union Development Days Conference in the Belgian capital, Brussels,

Read full articleearlier this week, Akufo-Addo called for concerted efforts to bring the war to an end.

According to him, the war started just as African economies adversely impacted by the COVID-19 pandemic were reopening after pandemic-induced border closures as they hoped to bounce back better.

“Indeed, the recent United Nations report estimates that, about 70 percent of Africa’s economies are at severe risks of the Russian war in Ukraine.

"In the midst of this, 18 African economies have experienced credit downgrades even when all African economies are suffering from last year’s pandemic and we in Africa are also facing the risk of the so-called tantrums as investors exist in our markets thereby exacerbating the increasing cost of borrowing.”

The president made reference to a World Bank statistic that indicated that over 400 million people were directly impacted by the impact of the war which is in its fourth month.

“At this moment, the World Bank tells us that the subsequent of the conflict, the number of poor people in Sub-Saharan Africa could rise from 413 million to 463 million this year – an increase of 50 million people.”

The government of Ghana has serially cited the twin factors of COVID-19 and the Russia-Ukraine war to explain how come Ghana is experiencing an economic downturn.

The main opposition have dismissed the reasons stressing that the economy was suffering from sheer mismanagement and incompetence by the government.

Meanwhile, the African Union is leading calls for a cessation of hostilities between the warring parties.

The AU was addressed virtually by Ukrainian President Volodymyr Zelensky on Monday, June 20, during which address he said Africa was being held hostage by the Russian war.

The AU President Macky Sall and AU Commission chair Moussa Faki Mahamat had weeks ago flown to Russia to hold talks with President Vladimir Putin. The talks centered on a search for peace and issues around the economic impact of the war on African economies.