The Vice President, Dr. Mahamudu Bawumia, has noted the impact the Russia-Ukraine has had on some imports.
During his address on the economy on Thursday evening, Dr. Bawumia said the increase in commodity prices have been exacerbated by the Russia-Ukraine conflict.
“Here in Ghana, 60 percent of our total imports of iron ore and steel are from Ukraine. Russia accounts for some 30 percent of Ghana’s imported grains, 50 percent of flour and some 39 per cent of fertilizer. So we are directly affected by the Russia-Ukraine war.”
Russia and Ukraine together account for nearly 30 percent of the global wheat trade.
Ghana for instance imported $43.4 million worth of wheat from Russia in 2019.
As a result, Russia’s military invasion of Ukraine led to global wheat prices shooting up.
Ukraine’s production ability has been compromised, and many countries have also restricted or shut down trade relations with Russia.
Russia is also a major supplier of fertilizer, which is vital to maximizing crop yields, which adds another layer of complication for farmers.