Finance Minister, Ken Ofori-Atta has described as worrying, the decline of the quality of life and the sanctity of public finances for the African.
Addressing the Annual General Meeting of the African Development Bank in Accra, on Tuesday, Ken Ofori Atta blamed the continent’s recession on the Covid-19 outbreak, the Russian invasion of Ukraine which has resulted in the rising cost of crude oil.
“Today 41 African economies are severely exposed to at least one of 3 current crises – rising food and fertilizer prices, rising fuel prices and tightening financial conditions.
“Food prices are at least 30, 40 percent higher than this time last year, crude oil prices have increased for about 50 percent, gas and fertilizer prices have more than tripled and the number of people experiencing hunger has increased by 46 million in Africa,” he stressed.
He further warned that the continent risk being left behind if bold decisions are not taken to catch up with the rest of the world.
The Finance Minister said the challenge facing the continent is huge and must be tackled.
“We begin to see what could likely become a lost decade for the most vulnerable economies characterised by subdued growth, recurring debt crises and instability and now in addition to this, we have to contend with the CCF fall out of the Russian invasion of Ukraine. Indeed these are truly a talk about time for our people and our continent,” he added.
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