President Akufo-Addo has said the Russia-Ukraine crisis is having an adverse effect on the Ghanaian economy already hit hard by the Covid-19 pandemic.

While delivering the 2022 State of the Nation Address in Parliament, the President said among the consequences of the war, is the hike in fuel prices felt at fuel pump stations.

The price of fuel ranges from GH¢9 to GH¢11.

According to the President, others include the importation of wheat flour, fertiliser, iron rods and other metal sheets as well as the exportation of manganese.

"The bombs might be dropping on cities half a world away but they are hitting our pockets here in Ghana," he therefore said.

The President on Wednesday revealed that thirty per cent of Ghana's wheat flour and fertilizer imports come from Russia.

"Sixty per cent of iron rods and other metal sheets are imported from Ukraine, and almost 20 per cent of Ghana’s manganese is shipped to Ukraine," he added.

President Akufo-Addo bemoaned how the economic outlook of the world has deteriorated due to the crises which escalated at the beginning of the year.

Despite the alarm, the President said "we have managed to ensure that fuel supplies have not been disrupted, unlike in several other parts of the world."

He highlighted some measures taken by his government and revealed by the Ministry of Finance to ensure the economy returns to normalcy.

According to Finance Minister, Ken Ofori-Atta, government will among others:

• Cut discretionary spending by an additional 10%.
• 50% cut in fuel coupon allocations for all political appointees and Heads of government institutions, including SOEs, effective 1^st April 2022.
• Imposition of a complete moratorium on the purchase of imported vehicles for the rest of the year with immediate effect. This will affect all new orders, especially 4-wheel drives. This is geared towards reducing total vehicle purchases by the public sector by at least 50 per cent for the period.

https://www.myjoyonline.com/full-list-of-finance-ministers-measures-to-mitigate-economic-hardship/

Meanwhile, President Akufo-Addo has assured that government remains committed to executing its responsibilities.

"The difficulties of the time notwithstanding, we intend to continue to grow this economy and bring prosperity. That will only happen when we continue to invest in the future," the President said.