The terrible events in Ukraine have a direct impact on our lives here in Ghana,” Nana Akufo-Addo has said.
Ghana’s economy is going through turbulent times as it is plagued with a number of challenges, including rising inflation and the rising cost of fuel.
The country’s currency is also suffering a depreciation, especially against the US dollar, while the public debt level has attained an unsustainable level.
The Akufo-Addo administration has blamed the economic meltdown on a multiplicity of factors, including the Covid-19 pandemic and Russia’s recent invasion of Ukraine.
Presenting the State of the Nation Address on Wednesday, March 30, 2022, President Akufo-Addo bemoaned the adverse effect of the Russia-Ukraine war on the country.
“The terrible events in Ukraine have a direct impact on our lives here in Ghana. 30% of our wheat flour and fertilizer imports come from Russia. 60% of iron rods and other metal sheets are imported from Ukraine, and almost 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,” he added.
Measures announced by the government to revive the economy
The Minister for Finance, Ken Ofori-Atta, last Thursday announced measures taken by the government to revive the economy.
He highlighted twelve points for cutting down public expenditure including a moratorium on the purchase of imported vehicles and foreign travels by public officials.
He also indicated plans to generate more revenue including impressing on parliament to pass the E-levy.
Mr. Ofori-Atta also indicated plans to inject $2 billion into the economy in the next 2 to 6 weeks.
For the Minority, however, the plans are not in any way meant to be in the interest of the ordinary Ghanaian.