The Vice President, Dr Mahamadu Bawmia has asked Ghanaians to appreciate the fact that Ghana is not the only country facing economic challenges in recent times.
Speaking on the economy at the Pentecost Convention Centre (PCC), the Vice President said we have to appreciate this fact as a country before we can appreciate the economic situation in the country.
“Ladies and Gentlemen, countries and economies throughout the world are experiencing severe challenges following the COVID-19 pandemic and the more recent Russia-Ukraine war…,” he said.
He said Ghana has directly been affected by the war in Europe because the country imports a lot of its consumables from Russia and Ukraine which are at conflict.
“We are directly affected by the Ukraine war, unfortunately we do not know when it will end…,” he said.
He further lined up a series of items which has shot up since the beginning of the war.
“The global average cost for shipping a container has moved from $1,446 in Dec 2019 to $9,789 as at Feb 2022. This is an increase of 520%. This has dramatically increased the cost of shipping goods and their prices on the market…,” he said.
Watch the Vice President’s Lecture below: