African economies suffer every bullet, every bomb that hits Ukraine – Akufo-Addo

The President, Nana Addo Dankwa Akufo-Addo addressed the United Nations (UN), General Assembly, on Wednesday, September 21, 2022.

During his address, the President bemoaned the impact of the Russia-Ukraine war, indicating that every bullet and every bomb that hits a target in Ukraine affect pockets and economies in Africa.

“As we grappled with these economic challenges, Russia’s invasion of Ukraine burst upon us, aggravating an already difficult situation. It is not just the dismay that we feel at seeing such deliberate devastation of cities and towns in Europe in the year 2022, we are feeling this war directly in our lives in Africa.

“Every bullet, every bomb, every shell that hits a target in Ukraine, hits our pockets and our economies in Africa,” H.E Nana Addo Dankwa Akufo-Addo said.

In his address to the 77th Session of the United Nations General Assembly, the President said COVID-19 pushed Africa into the worst recession for half a century.

He said since the pandemic, there has been a slump in productivity and revenues, increased pressures on spending, and spiraling public debts which confronted Africa without relent.

President Akufo-Addo further shared that the Covid pandemic and the Russia-Ukraine war combined is the leading contributor to the global economic turmoil.

“The economic turmoil is global with inflation as the number one enemy this year. It hit a 40-year-high in the US and UK in recent months. There is record inflation in the eurozone. Several African countries have inflation rates surging three to four times higher than what they were just two years ago.

“In Ghana, we are experiencing the highest inflation for 21 years. The high costs of food are hurting the poor, especially the urban poor, the most,” President Akufo-Addo emphasized.