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Russian Embassy only protecting its sovereignty; global economic challenges is due to Ukraine invasion – Stephen Amoah
A member of the Finance Committee in Parliament, Stephen Amoah, has stated that Russia’s attempts to dissociate itself from the current economic challenges in Ghana is only a move to protect its reputation.
He said it is undeniable that Russia’s invasion of Ukraine has exacerbated global economic difficulties, a situation that has caused hikes in general goods and services in Ghana.
The Nyieso MP was reacting to a statement by the Russian Embassy, which attributed the current hardship to the high demand and rising prices of food, raw materials and transportation services as part of the post-Covid-19 recovery.
It argued that difficulties in economies started before the invasion of Ukraine because there has been a steady trend of happenings on the global stage in the last two years.
But in defence of government’s stance, the NPP MP said the move by Russia is only meant to save face.
“There is this ongoing IMF forum in Washington, and member countries have had the opportunity to speak on their countries’ economies, I mean their sovereignties, and all of them are attributing the challenges they are having today to too many factors.
“One, the Covid; two, the war in Ukraine, and I think the authorities from Russia are aware of all these facts and these assertions or claims.
“Of course, they have their prerogatives or exclusive rights to manage the reputations of their sovereignty or their country,” he told JoyNews in an interview.
The Nhyiaeso lawmaker noted that “diplomatically, they wouldn’t want to associate anything untoward or going on against the war with or to their war – they wouldn’t want to see that.”
Inasmuch as any country would have defended its reputation, Mr Amoah stressed that “the facts remain untouched” and that Russia’s invasion of Ukraine has had significant impacts on countries across the world.
What happened?
Vice President Dr Mahamudu Bawumia, while addressing Ghanaians on the state of the economy at the National TESCON Training and Orientation Conference on April 7, noted that aside from the Covid-19 pandemic, the Russia-Ukraine war is adversely affecting the Ghanaian economy.
He noted that the prices of food supplies have shot up because the two countries that are exporters of commodities such as wheat, and grains, have withheld supply due to the crisis.
“The Russia-Ukraine conflict has exacerbated the increase in commodity prices. Russia and Ukraine together account for 30% of global wheat exports; the longer the conflict ensues, the greater the disruption to global food supplies. The conflict is also likely to slow down global growth.
“According to the AfDB, the price of wheat has shot up by 62% since the war began, the price of fertiliser is up by 300%, and the price of maize is up by 36%. Here in Ghana, some 60% of our total iron ore and steel imports are from Ukraine; Russia accounts for some 30% of Ghana’s imported grains, 50% of flour, and 39% of fertiliser.
“So we are directly affected by the Russian-Ukraine war. Unfortunately, we do not know when it would be over,” he said.
But in a statement on Twitter on Monday, the Russian Embassy in Ghana disagreed, saying it cannot be blamed for the current price hikes.
The current situation in the food markets is not a result of two months of this year, but a steady trend of at least two years. Food prices started rising in mid-2020 and reached an all-time high in February 2022.
“This is a real market shock caused by high demand and rising prices on food, raw materials, and transportation services, including freight, in the post-Covid recovery period,” the Embassy tweeted.
Recent reports have indicated that about 10,000 people have lost their lives following the Russia-Ukraine war.
Several sanctions have been imposed on Russia by developed countries.
Most countries say the Russia-Ukraine war is directly affecting their economies and agricultural value chain.
Source: www.myjoyonline.com
The Inspector-General of Police (IGP), Mr. Christian Tetteh Yohuno, together with members of the Police Management Board (POMAB), on April 17, 2026, decorated nineteen (19) senior officers who have been promoted to their next ranks based on the recommendations of the Police Council and approval of the President, John Dramani Mahama.
The ceremony, held at the National Police Headquarters in Accra, forms part of efforts to recognise merit, dedication, and long-standing service within the Ghana Police Service, while strengthening leadership across key operational and administrative levels.
The officers promoted from Deputy Commissioner of Police (DCOP) to Commissioner of Police (COP) are Dr. Luke Asue-In-Yeng Zakpaa, Mr. Frederick Agyei, Mr. Duuti Tuaruka, Mr. Arthur Osei-Akoto, Mr. Darko Offei Lomotey, Mr. Eric Ken Winful, Mr. Barnabas Nambont Nasumong, and Mr. Desmond Owusu Boampong.
The IGP and members of POMAB congratulated the officers and urged them to uphold the highest standards of professionalism and integrity in the discharge of their duties.
The Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID) successfully held its sixth (6th) Exchange Programme, hosted by the Ghana Export – Import Bank (GEXIM) Bank in Accra from March 22 to 23 March.
The event brought together member institutions, partner organisations and Ghanaian public entities to advance dialogue on South-South trade, investment and development finance, while also creating opportunities for knowledge-sharing and institutional cooperation.
Organised as a capacity-building and networking platform, the 2026 edition of the G-NEXID Exchange focused on GEXIM’s experience in developing innovative solutions to promote intra-African and extra-African trade.
It also highlighted trade and investment opportunities in Ghana, particularly in the context of the African Continental Free Trade Area (AfCFTA) and broader national development initiatives.
The Exchange Programme forms part of G-NEXID’s mandate to foster cooperation among export-import banks and development finance institutions in support of South-South trade and investment.
This 6th edition follows earlier successful programmes hosted by India Exim Bank (2016), BNDES (2017), Indonesia Eximbank (2018), Afreximbank (2019) and Saudi EXIM Bank (2025).
On the first day, participants were presented with G-NEXID institutional information and received an update on the Network’s 2026 work programme.
There were a series of substantive presentations, including an overview of the Ghanaian economy by the Ministry of Finance, with particular attention to debt-related challenges; a presentation by the Ghana Investment Promotion Centre (GIPC), on investment opportunities in the country; and institutional presentations by GEXIM and Development Bank Ghana (DBG) on their respective mandates, initiatives, products and services.
Discussions during the sessions underscored strong interest in sector-focused webinars and business dialogues, particularly in agribusiness value chains such as poultry and rice.
Participants also emphasized the importance of continued information exchange and the sharing of best practices, especially in the area of guarantees.
The second day opened with a presentation on the 24-Hour Economy and Accelerated Export Development Programme, a national economic transformation strategy launched by President John Dramani Mahama in July 2025.
The initiative aims to enhance economic productivity through continuous industrial activity, accelerated export development and strategic import substitution.
As the programme is expected to mobilise both private and development capital, it presents concrete opportunities for G-NEXID members in areas such as co-financing, guarantees, trade finance and technical cooperation.
The programme also featured institutional presentations by guest organisations, namely the African Guarantee and Economic Cooperation Fund (FAGACE) and the West African Development Bank (BOAD), which shared their mandates, initiatives, products and services.
Following these exchanges, the G-NEXID Secretariat held bilateral discussions with both institutions as part of the Network’s ongoing membership drive.
Participants further benefited from a presentation by the Eastern and Southern African Trade and Development Bank (TDB), as well as a showcase of GEXIM’s key pipeline projects.
On the margins of the Exchange Programme, G-NEXID members also held their 20th Annual General Assembly Meeting to review progress and discuss strategic priorities.
Following the event, participants joined the GEXIM@10 International Conference, held from March 24-25, 2026 under the theme, “A Decade of Enabling Export Trade and Industrial Transformation: Resetting GEXIM for the Next Frontier.”
The conference provided an important platform for exploring how Ghana can strengthen its transition from a primary commodity exporter to a more competitive player in value-added trade and industrial development.
Source – G-NEXID
