The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has warned of impending hikes in the price of food in the country
This food inflation, he said, is predicated on Russia’s decision to restrict Ukraine’s grain supplies and warned consumers to 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.
In a tweet on June 18, 2023 he said, “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.”
The New York Times on Monday 17th July 2023 reported that Russia had withdrawn from a wartime agreement to allow grain exports from Ukraine through the Black Sea until its demands to loosen sanctions on its own agricultural exports are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 will now face some challenges.
Already Ghana’s president has attributed the country’s current economic challenges to the Russia-Ukraine war.