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President Akufo-Addo has indicated that the Russia/Ukraine war has aggravated the impact of COVID-19 on the economy. 

He said the Economic devastating of COVID has, since the beginning of this year, been further aggravated by the Russian invasion of Ukraine, which has worsened the economic outlook of the entire world.

"We, in Ghana, have not escaped this development, and the consequences are being felt in rising living costs at our markets and at the fuel stations."  

Presenting the State of The Nation Address (SONA), he said even though "the bombs might be dropping on cities half a world away but they are hitting our pockets here in Ghana". 

"The terrible events in Ukraine have a direct impact on our lives here in Ghana. The bombs might be dropping on cities half a world away but they are hitting our pockets here in Ghana. Even so, we have managed to ensure that fuel supplies have not been disrupted, unlike in several other parts of the world".

According to him, "30% of our wheat flour and fertilizer imports come from Russia. Sixty percent (60%) of iron rods and other metal sheets are imported from Ukraine, and almost twenty percent (20%) of Ghana’s manganese is shipped to Ukraine."

He has also indicated that the catastrophe of Covid-19 which hit the country shook even greater economies; adding, "the only certainty about the virus was that there was no certainty".

“The management of our Covid-19 has been exemplary. By the grace of the Almighty we have saved lives. I took the decision we would prioritize the saving of lives, and, then, we would get together to rebuild our economy. Nobody imagined the devastation would be so widespread and last so long. We had to learn some very hard lessons, and our belief in the need to be self-sufficient was reinforced when vaccine nationalism was played out blatantly by the rich and powerful countries,” he added.

Meanwhile, the Minority has criticized the government for using the Russia/Ukraine conflict and the coronavirus pandemic as an excuse for the economic nosedive.

According to them, the challenges of the economy had worsened before the conflict and the pandemic.