Business News of Friday, 24 February 2023

Source: www.ghanaweb.com

Russia-Ukraine war to blame for rising prices of fuel, food in Ghana – US Ambassador

Virginia Palmer, United States (US) ambassador to Ghana Virginia Palmer, United States (US) ambassador to Ghana

The US Ambassador to Ghana, Virginia Palmer has attributed rising prices of food, fuel and fertilizer to Russia’s invasion of Ukraine.

The invasion turns a year old on February 24, with some governments blaming the war on global supply chain disruptions and attendant economic squeeze causing unexpected downturns.

The ambassador made the assertion in a statement marking a one-year anniversary since the invasion started.

The statement reiterated the support of the American government for the government and people of Ukraine.

"February 24 marks one year since Russia launched its brutal, full-scale invasion of Ukraine.

"Russia’s horrifying violence has killed thousands and destroyed entire cities. Here in Ghana, Putin’s war has driven up prices for fertilizer, food, and fuel," her statement read in part.

It went further to state support measures the US government had put in place to support Africa, among others, the announcement of an additional $2.5 billion in food security assistance for Africa in December 2022, "which builds upon over $11 billion in U.S. humanitarian and food security assistance,” Ambassador Palmer said.

The governing New Patriotic Party (NPP) government has serially been accused of overborrowing and reckless spending leading Ghana into financial difficulties.

The government insists that the twin effects of the COVID-19 aftermath and the Russia-Ukraine war are to blame for the headwinds and that measures are being put in place to rectify the challenge.

Ghana is hoping for an International Monetary Fund, IMF, programme to help stabilize the economy amid fears that it could collapse sooner or later.

Below is the full statement

Ukraine: Statement from U.S. Ambassador to Ghana Virginia Palmer


February 24 marks one year since Russia launched its brutal, full-scale invasion of Ukraine. Russia’s horrifying violence has killed thousands and destroyed entire cities. Here in Ghana, Putin’s war has driven up prices for fertilizer, food, and fuel.

Russia is losing on the battlefield and in desperation is attacking schools, hospitals, churches, apartment buildings, and critical infrastructure to exact the heaviest toll on civilians. Russia’s aggression against Ukraine did not start in 2022. This is a continuation of Russia’s illegal seizure of Crimea and parts of Luhansk and Donetsk in 2014.

With its leadership on the United Nations Security Council, Ghana condemned Russia’s illegal and unprovoked invasion of Ukraine.

Putin and his enablers believe that might makes right – but they are wrong. They are losing. Since last year, the U.S. has rallied allies and partners from around the world to stand strong with Ukraine. We cannot let a small country get stomped on by a larger neighbor.

We are working to mitigate the economic pain and uncertainty. In December, President Biden announced an additional $2.5 billion in food security assistance for Africa, which builds upon over $11 billion in U.S. humanitarian and food security assistance.

If Russia stops fighting and withdraws, the war ends. If Ukraine stops fighting, Ukraine ends.

The American people have stood proudly with Ukraine. We stand for freedom. We stand for democracy. We stand against bullies. We are United with Ukraine.