Dr Patrick Assuming, an economist at the University of Ghana Business School, has said that the Russian government cannot downplay its role in the current global economic crisis as a result of the attack on Ukraine.
Speaking to Beatrice Adu on The Big Bulletin on Wednesday (20 April), Dr Assuming said that although the COVID-19 disrupted the global economic supply chain, the effects of the Russia-Ukraine war on economic challenges cannot be overemphasised.
He said: “Fundamentally, a lot of the problems we have in the world economy started with the COVID-19, the Russia situation has escalated it in some aspect. There’s a little bit of downplaying of what the [Russian] invasion has done in terms of its economic impact on the global economy and narrowing it down specifically to Ghana.”
Dr Assuming said: “What they’re [Russia Embassy in Ghana] saying is that a lot of the trouble in global markets started before their invasion. That’s largely true, the world hasn’t recovered from COVID-19.
“And if you look at the fundamental underlining structural changes; fundamental increases in prices, they all started during the COVID-19 era. There’s no question that their action in Ukraine has dramatically escalated the prices of different things.”
Listen to Patrick in the attached audio below:
Don’t blame us for your economic woes
Russia says Ghana cannot blame it for its current economic challenges in spite of the global meltdown due to the Vladimir Putin-led attack on Ukraine.
Vice-President, Dr Mahamudu Bawumia has said that the war ensuing between Russia and Ukraine has had a direct effect on Ghana’s economy and all other sectors.
Speaking on the state of the economy at the national TESCON conference in Kasoa on Thursday (7 April), Dr Bawumia said the increase in commodity prices has been exacerbated by the Russia-Ukraine conflict.
“The truth is different”
However, the Russian Embassy in Ghana in a series of tweets on Tuesday (19 April) said the West African nation is responsible for its own economic problems.
“The Embassy took notice of the increased number of news articles somehow or other accusing Russia of all negative trends in agricultural markets, gloomy prospects in terms of access of food and huge losses of farmers,” the embassy tweeted.
“However, the truth is different.”
“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. 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,” it added.
Nicholas Brown
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