The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has stated that the recent restriction of Ukraine’s grain supplies by Russia puts Ghana at risk of increasing food inflation.
According to him, consumers must be prepared to pay more for food in the coming days.
He also lamented the country’s inability to produce enough food to cater to its needs.
John Kwakye wrote on Twitter on June 18, 2023, “Ghana must brace itself for even higher food prices as Ukrainian grain supplies are being once more restricted. It is disappointing that we can’t produce enough local food to reduce food inflation, which exceeded 54% in June, and the general cost of living.”
On July 17, 2023, the New York Times reported that Russia had withdrawn from a wartime agreement to allow grain exports from Ukraine through the Black Sea until its demands to loosen sanctions on its own agricultural exports are met.
This will mean that countries that depend on the supplies for imports and others will now face some challenges.
Already Ghana’s president has attributed the country’s current economic challenges to the Russia-Ukraine war.
Ghana must brace itself for even higher food prices as Ukrainian grain supplies are being once more restricted. It is disappointing that we can't produce enough local food to reduce food inflation, which exceeded 54% in June, and the general cost of living.
— J. K. Kwakye (@JohnKwabenaKwa1) July 18, 2023
