A leading member of the governing New Patriotic Party (NPP), Mr Gabby Asare Otchere-Darko, has asked Ghanaians to brace themselves as life is going to get tougher and rougher as a result of the Russia-Ukraine war.
According to Mr Otchere-Darko, “Markets are whacked, as global stocks and futures tumble, while commodities surge”.
In a Facebook post, President Akufo-Addo’s cousin said Covid-19 and the Russian-Ukraine war is not Africa or Ghana’s doing but “we bear the brunt”.
His post read: “First the COVID-19 pandemic and now war in Ukraine. Neither of these our doing but we bear the brunt. It is only going to get tougher and rougher. Let’s brace ourselves.
“Markets are whacked, as global stocks and futures tumble, while commodities surge. The flight to safety is seeing Treasury yields rising and gold (not bad for Ghana though) hitting the highest since early 2021. The dollar is rising, putting pressure on African currencies especially.
“European natural gas soars as much as 41%, triggering inflation there with ramifications worldwide. Brent crude climbs above $105 a barrel for the first time since 2014, which will certainly lead to higher cost of living here in Ghana and elsewhere.”
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