President Nana Addo Dankwa Akufo-Addo has delivered an address at the 77th session of the United Nation’s General Assembly on Wednesday September 21.
Mr Akufo-Addo among other things, recounted the negative impact of the coronavirus pandemic on African economies including Ghana.
He told the Assembly that just as Ghana and other African countries were trying to get out of the pandemic, the Russia invasion of Ukraine happened, compounding the situation.
He said “As we grappled with these economic challenges, Russia invasion of Ukraine burst upon us, aggravating an 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, hit our pockets and our economies in Africa.”
High inflation is not only in Ghana; it’s the same in the UK and US
He said “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 euro zone. 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.