Founding President of Africa Policy Lens (APL), Dr. George Domfe, says Ghana’s current economic difficulties should not be blamed solely on President Nana Akufo-Addo’s administration. According to him, global events—particularly the Russia-Ukraine war—played a significant role in destabilizing the economy.
Speaking on Peace FM’s Kokrokoo morning show on Monday, June 16, Dr. Domfe highlighted the critical impact of the war on international crude oil prices, which directly affected Ghana’s import costs.
“We must not forget the fact that Russia, before invading Ukraine, was contributing 10 million barrels a day, and due to the war, this was affected, thereby reducing the supply of crude oil onto the international market.
This drove prices high,” he explained.
He added that the war had direct consequences on Ghana’s financial outlay for crude oil imports.
“It must be pointed out that before Russia invaded Ukraine, US $250 million was being used to import crude oil monthly.
“When the war raged on, crude oil prices went up so high that BDCs needed US$400 million to import the same quantities of crude oil,” he noted.
