By Sarah Baafi
Atick Yakubu, a member of the National Communications Team of the New Patriotic Party (NPP), has highlighted the impact of global events, particularly the Russia-Ukraine war, on Ghana’s economy during a panel discussion on the GTV Breakfast Show.
Yakubu argued that while some political actors, notably the National Democratic Congress (NDC), have dismissed the relevance of the war to Ghana, global economic shifts inevitably affect local markets because of the country’s reliance on imported goods.
“International politics has a way of affecting all of us because we live in a globalised economy,” Yakubu said. “The NDC may claim the war has no effect on Ghana, but the truth is that the prices of imported products, especially crude oil and finished goods, surged dramatically as a result of global disruptions.”
He outlined what he described as a chain reaction from the war to domestic price increases, explaining that Ghana imports raw commodities at relatively low prices, but after processing and refining abroad, these goods return at significantly higher costs. According to Yakubu, following the outbreak of the war, certain product prices rose from about $50–$58 to around $120 within a few months, creating inflationary pressures and economic hardship for citizens.
Yakubu also pointed to Ghana’s handling of pre-war economic challenges, citing what he described as strong economic indicators between 2017 and 2020, including inflation control, exchange rate stability and economic growth, even amid the COVID-19 pandemic.
“Had the NDC acknowledged global pressures and implemented proactive measures, some of the inflationary effects could have been mitigated,” he said. He criticised what he described as a lack of decisive action, including sanctions or trade adjustments, which he argued delayed relief in product pricing.
