Vice President, Dr Mahamudu Bawumia has said that the war preceding between Russia and Ukraine has a direct effect on Ghana’s frugality and all other sectors.
Speaking on the state of the frugality at the public TESCON conference in Kasoa on Thursday (7 April), Dr Bawumia said the increase in commodity prices has been aggravated by the Russia-Ukraine conflict.
Adding that “the pandemic, which started in early 2020, resulted in the greatest economic depression in the world since the 1930s with most countries recording negative GDP growth.”
According to him, countries and husbandry throughout the world are passing severe challenges following the COVID-19 epidemic and the more recent Russia-Ukraine war.
He further explained that force chain dislocations and the rising price of canvas, which went up to a high of over$ 130 this time, have redounded in major increases in the prices of energy across the globe with petrol prices doubling in numerous countries.
“The highest petroleum prices can be found in Hong Kong, the Netherlands, Zimbabwe, Germany, Israel and the United Kingdom.”
“Furthermore, the global average cost of shipping a container has increased from $1446 in December 2019 to US$9, 789 in February 2022 (an increase of 576%). This has dramatically increased the cost of shipping goods and therefore their prices on the market,” he added.