“The terrible events in Ukraine have a direct impact on our lives here in Ghana,” said Nana Akufo-Addo.
Ghana’s economy is experiencing turmoil as a result of a number of challenges, including rising inflation and rising fuel prices.
The country’s currency is also depreciating, particularly against the US dollar, and the public debt has reached unsustainable levels.
The Akufo-Addo administration has attributed the economic downturn to a variety of factors, including the Covid-19 pandemic and Russia’s recent invasion of Ukraine.
President Akufo-Addo lamented the negative impact of the Russia-Ukraine war on the country in his State of the Nation Address on March 30, 2022.
“The heinous events in Ukraine have a direct impact on us.”
President Akufo-Addo lamented the negative impact of the Russia-Ukraine war on the country in his State of the Nation Address on March 30, 2022.
“The atrocities in Ukraine have a direct impact on our lives here in Ghana.” Russia accounts for 30% of our wheat flour and fertiliser imports. Ukraine imports 60% of iron rods and other metal sheets, and Ghana exports nearly 20% of its manganese.”
“The bombs may be falling on cities half a world away, but they are landing in our pockets here in Ghana.” Nonetheless, unlike in other parts of the world, we were able to ensure that fuel supplies were not disrupted,” he added.
Measures announced by the government to revive the economy
Last Thursday, Finance Minister Ken Ofori-Atta announced government measures to revive the economy.
He emphasised twelve points for reducing government spending, including a moratorium on the purchase of imported vehicles and foreign travel by government officials.
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He also mentioned plans to raise more revenue, such as persuading parliament to pass the E-levy.
Mr. Ofori-Atta also stated that he intends to inject $2 billion into the economy within the next two to six weeks.
However, for the Minority, the plans are not in the best interests of the average Ghanaian.
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