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IMF WARNS GHANA MAY STRUGGLE TO IMPORT FOOD IF RUSSIA-UKRAINE WAR ESCALATES

The International Monetary Fund (IMF) has cautioned against impending food security issues for Ghana and other African countries as the war between Russia and Ukraine continues.

The Fund said Russia’s invasion of Ukraine has pushed food and energy-related commodities to record levels on the global market.

According to IMF’s Regional Economic Outlook Report, the Fund was worried that the development could hurt already struggling economies in the region.

IMF, in the report, maintained that food prices, which account for about 40 per cent of consumer spending in the region, are rising rapidly.

Around 85 per cent of the region’s wheat supplies are imported. Higher fuel and fertiliser prices also affect domestic food production.

 

 

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