He said the conflict has compromised the food security of Africa, causing a disruption of commodity imports.
Russia-Ukraine war directly affecting Africa — Nana Addo tells UN
President Nana Addo Dankwa Akufo-Addo has expressed concerns over the impact the Russia-Ukraine war is having on the African continent.
Speaking at the 77th session of the United Nations General Assembly on Wednesday, September 21, 2022, he said the war has had an impact on the economies of African countries including Ghana.
He noted that while grappling with the consequences of COVID-19, Russia invaded Ukraine, aggravating the already difficult situation.
"It is not just the dismay that we feel at seeing such deliberate devastation of cities and towns in Europe in the year 2022; we are feeling this war directly in our lives in Africa. Every bullet, every bomb, every shell that hits a target in Ukraine hits our pockets and our economies in Africa," he said.
He said the inflation rate is not increasing in only Ghana but it is also the same story in some developed countries including the United Kingdom (UK) and the United States (US).
According to him, "The economic turmoil is global with inflation as the number one enemy this year. It hit a 40-year-high in the US and UK in recent months. There is record inflation in the eurozone.
"Several African countries have inflation rates surging three to four times higher than what they were just two years ago. In Ghana, we are experiencing the highest inflation for 21 years. The high costs of food are hurting the poor, especially the urban poor, the most."
He stated that the spillover from central banks raising interest rates to combat inflation has been severe beyond borders, as global investors pull money out of developing economies to invest in bonds in the developed world.
"This has led to depreciating currencies and increased borrowing costs; meaning we need to raise and spend more of our own currencies to service our foreign debts in US dollars," he noted.
He added: "It has become clear, if ever there was any doubt, that the international financial structure is skewed significantly against developing and emerging economies like Ghana."
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