Global economic hardships truly a talk about time for our people and continent – Ofori-Atta

Russia-Ukraine crisis affecting crude oil prices

African leaders need o take bold decisions, Ofori-Atta

41 African countries are exposed to crisis, Ofori-Atta

Finance Minister, Ken Ofori-Atta has lamented the harsh economic times Ghana and other African countries find themselves in currently.

He noted that the current state of affairs has affected the quality of life of Ghanaians as geopolitical factors have resulted in financial difficulties.

Speaking at the Annual General Meeting of the African Development Bank hosted by Ghana, Ken Ofori Atta reiterated that the Covid-19 outbreak and the Russian invasion of Ukraine have resulted in the recession the continent is facing.

The Russia-Ukraine conflict has the rising cost of crude oil, a shortage of fertilizers, and the high cost of imports.

“Today 41 African economies are severely exposed to at least one of 3 current crises – rising food and fertilizer prices, rising fuel prices, and tightening financial conditions.

“Food prices are at least 30, 40 percent higher than this time last year, crude oil prices have increased for about 50 percent, gas and fertilizer prices have more than tripled and the number of people experiencing hunger has increased by 46 million in Africa,” he stressed.

The finance minister called for bold decisions to be made by African leaders in order to deal with the situation.

“We begin to see what could likely become a lost decade for the most vulnerable economies characterized by subdued growth, recurring debt crises and instability, and now in addition to this, we have to contend with the CCF fall out of the Russian invasion of Ukraine. Indeed, these are truly a talk about time for our people and our continent,” he added.