President Akufo-Addo has bemoaned how expensive borrowing has become for African countries due to the Russia-Ukraine conflict.
Addressing a cross section of European and world leaders at the 2022 European Union Development Days Conference in Brussels, Belgium, Akufo-Addo rallied world leaders to understand the impact the conflict has on the economies of African nations as a whole, citing a report that says 70% of African countries at severe risk; especially with the “tantrum” of investors increasing the cost of borrowing.
“Indeed, the recent United Nations report estimates that, about 70 percent of Africa’s economies are at severe risks of the Russian war in Ukraine. In the midst of this, 18 African economies have experienced credit downgrades even when all African economies are suffering from last year’s pandemic and we in Africa are also facing the risk of the so-called tantrums as investors exist in our markets thereby exacerbating the increasing cost of borrowing.” He said.
“At this moment, the World Bank tells us that the subsequent of the conflict, the number of poor people in Sub-Saharan Africa could rise from 413 million to 463 million this year – an increase of 50 million people.” he was reported by mynwesgh.
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