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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 member of parliament for Ketu North, Edem Agbana, has condemned alleged vote buying linked to Baba Jamal during recent political activities at Ayawaso East, describing the act as completely foreign to the values of the NDC.
During a discussion on Metro TV, Mr Agbana expressed concern about what he described as an open display of wealth during the event over the weekend.
He referred to videos circulating online which showed items such as television sets being distributed to people, stressing that such actions do not reflect the party he grew up to admire and join.
According to him, the NDC is built on core values of accountability, probity and transparency, and that explains why many party members have reacted strongly to the incident.
He indicated that the outrage within the party shows a clear rejection of vote buying and similar practices.
Mr.Agbana also disagreed with comments attributed to the Greater Accra Regional Minister suggesting that vote buying happens in every election.
He maintained that such a view does not represent the position of the NDC and should not be normalised under any circumstances.
He pointed out that immediately the reports and videos emerged, the party leadership took a firm stance against the alleged acts rather than trying to justify them.
He noted that the party was awaiting the release of an official report on the matter and expressed confidence that any recommendations would be fully implemented.
Mr.Agbana described the current leadership of the NDC as disciplined and principled, with a proven record of integrity.
He stressed that the party’s response to the issue shows that its reset agenda is not only directed at political opponents but also focused on internal discipline and self correction.
He further assured the public that the NDC will not protect any individual found culpable of vote buying. However, he added that anyone accused will be given a fair opportunity to respond, in line with the principles of natural justice.
Mr.Agbana concluded that the party remains committed to building a strong and resilient political organisation that upholds probity, transparency and accountability at all levels.
By: Jacob Aggrey
The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, says government has created an enabling environment for businesses and exporters to grow and thrive.
She made the remarks during a working visit to Kasapreko PLC, where she interacted with management and staff of the company.
According to the Minister, Ghana’s macroeconomic indicators have improved significantly, making it easier for businesses to plan and operate.
“When I became Minister, industry players were worried about the exchange rate and how it affected pricing and working capital. Today, that is no longer the case. The economy has done well, and the cedi has appreciated,” she said.
Ofosu-Adjare noted that government’s economic recovery efforts under President John Dramani Mahama have stabilised the business environment, a development she said is already reflecting positively in the operations of local industries.
She explained that her ministry has adopted a deliberate approach of engaging exporters regularly to understand their challenges and address them promptly.
One of such issues, she said, was the time frame for the repatriation of export proceeds, which has since been resolved to help businesses improve cash flow.
The Minister expressed excitement about Kasapreko’s expansion plans, stressing that government is not only focused on attracting foreign direct investment but also committed to supporting Ghanaian-owned businesses.
“My presence here shows that I am interested in local businesses expanding and taking their rightful place in the industry,” she said.
She added that local entrepreneurs invest in Ghana, live in the country, and contribute directly to national development, and therefore deserve strong government support.
Ofosu-Adjare assured Kasapreko PLC of government’s continued support to ensure its growth and sustainability.
She revealed that she would engage the Ghana Water Company to address water supply challenges facing the company.
Management of Kasapreko PLC welcomed the Minister’s visit and commended government for policies that have helped stabilise the economy and improve business confidence.
By: Jacob Aggrey
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