Former Finance Minister, Seth Terkper has called on the Vice President, Dr Mahamadu Bawumia to stop blaming the current economic crisis in the country on the Russian-Ukraine war.
The Vice President while delivering a lecture on the current state of the Ghanaian economy at the Pentecost Convention Centre (PCC) in Kasoa said Ghana is among the several states states affected by the war.
According to him, the country imports a lot of consumables from these Eastern European countries and it is therefore common knowledge that the country will suffer once the supply lines are affected by the conflict.
“According to the AfDB the price of wheat has shot up by 62 per cent since the war begun. The price of fertilizer is up by 300 per cent, the price of maize is up by 36 per cent since the war begin. Here in Ghana 60 per cent of our total imports of iron ore and steel are from Ukraine.
“Russia accounts for some 30 per cent of Ghana’s imported grains, 50 per cent of flour and 39 per cent of fertilizer . So we are directly affected by the Russia-Ukraine ware. Unfortunately, we do not know when it will be over. The global increase in fuel prices is causing hardship,” he said.
In what appears to be a direct response to the Vice President, the former Finance Minister in a tweet wondered the logic in blaming a one-month old war for the mess that was caused in the economic sector over a five year period.
Reminder: Russia-Ukraine war started in only late Feb (one month ago) and being blamed for past 4-year’s failures? God forbid for a prolonged war yet how ready are we for its full impact in the weeks and months?
— Seth E Terkper (@SethTerkper) April 7, 2022