Russia’s invasion of Ukraine triggered a shock to commodities markets globally and has sent the prices of essential goods such asand oil skyrocketing across Africa. Ghana has seen inflation rise to 15.7 per cent amid a hike in fuel prices and a near 16 per cent loss in the value of its currency, the cedi, against the dollar this year. In a bid to cushion the economic bite, the Ghanaian government last week announced a series of fiscal measures to sustain public finances.
“If we look at the world today, there are two clear forces shaping global events: the impact of the novel coronavirus pandemic and the crisis in Ukraine,” Ghanaian Finance Minister Ken Ofori-Attaduring a press briefing in Accra, Ghana’s capital. “As well as threatening global peace, the war in Ukraine has had a far-reaching impact … and Africa is likely to be amongst the worst hit outside of Ukraine,” he added, referring to the impact on world economies.
No. We are not Europeans
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