President Nana Addo Dankwa Akufo-Addo has said every bullet and bomb that hits a target in Ukraine, hits our pockets and our economies in Africa.
“As we grappled with these economic challenges, Russia’s invasion of Ukraine burst upon us, aggravating an already difficult situation. It is not just the dismay that we feel at seeing such deliberate devastation of cities and towns in Europe in the year 2022, we are feeling this war directly in our lives in Africa.
“Every bullet, every bomb, every shell that hits a target in Ukraine, hits our pockets and our economies in Africa,” the president said.
“Moreover, the spillover from central banks raising interest rates to combat inflation has been severe beyond borders, as global investors pull money out of developing economies to invest in bonds in the developed world.”
“This has led to depreciating currencies and increased borrowing costs; meaning we need to raise and spend more of our own currencies to service our foreign debts in US dollars,” President Akufo-Addo added.
Story By Assaseradio