We are not responsible for your current economic crisis – Russia fires at gov’t
The Russian Embassy in Ghana has taken exception to the attribution of the current economic crisis across the globe to the Vladimir Putin-led invasion of Ukraine in February.
“However, the truth is different,” the Embassy said in a tweet on Monday.
“The Embassy wishes to shed some light on the roots and drivers of this crisis and provide a comprehensive and objective analysis without emotions and political prejudice.”
In a thread to the main tweet, Kremlin’s representative in Accra explained that the current situation in the food market, for instance, started two years ago and “not a result of two months of this year”.
Vice President Dr 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 increase in commodity prices has been exacerbated by the Russia-Ukraine conflict. Russia and Ukraine together account for 30% of global wheat exports; the longer the conflict ensues, the greater will be 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 fertilizer is up by 300%, and the price of maize is up by 36%. Here in Ghana, some 60% of our total imports of iron ore and steel are from Ukraine; Russia accounts for some 30% of Ghana’s imported grains, 50% of flour, and 39% of fertilizer.
“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.
Russia invaded Ukraine in February 2022 following the former Soviet Union leader’s disagreement with NATO’s eastward expansion.
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.
— Russian Embassy in Ghana (@RusEmbGhanaEng) April 18, 2022
— Russian Embassy in Ghana (@RusEmbGhanaEng) April 18, 2022
— Russian Embassy in Ghana (@RusEmbGhanaEng) April 18, 2022
