Dr Cassiel Ato Forson, the Ranking Member of Parliament's Finance Committee, has asked Vice President Dr Mahamudu Bawumia to recognize that government has failed to ensure Ghana's economic progress.
Dr. Ato Forson believes it is wrong for the administration to blame residents' problems on the Russia-Ukraine issue. He claims that this is because other nations have managed to build their economy despite the crisis.
Dr. Ato Forson questioned, in response to the Vice President's presentations on Thursday, "Why did the Russia-Ukraine war not have a direct impact on the economies of neighboring Ivory Coast and Togo?"
Apart from the Covid-19 epidemic, Vice President Dr Bawumia said that the Russia-Ukraine war is negatively influencing food prices when speaking to Ghanaians on the status of the economy at the National TESCON Training and Orientation Conference yesterday.
"The crisis between Russia and Ukraine has worsened the rise in commodities prices." Russia and Ukraine jointly account for 30% of worldwide wheat exports; the longer the conflict continues, the more global food supply will be disrupted. Global economy is also likely to be slowed as a result of the conflict.
"The price of wheat has increased by 62 percent since the conflict began, the price of fertilizer has increased by 300 percent, and the price of maize has increased by 36 percent, according to the AfDB. Ukraine supplies 60 percent of Ghana's total iron ore and steel imports, as well as 30 percent of the country's imported cereals, 50 percent of wheat, and 39 percent of fertilizer.
"As a result, the Russian-Ukraine conflict has a direct impact on us." "Unfortunately, we have no idea when it will end," he remarked.
The former Deputy Finance Minister encouraged the Vice President to "admit failure and let's move on," believing that the administration is fully to blame for the current status of the economy.