Dr. John Kwakye, the Director of Research at the Institute of Economic Affairs (IEA), has called on Ghanaians to fasten their seatbelts in anticipation of an increase in food costs.
This comes after the European Commission extended until September 15 a deal allowing five of Ukraine’s European Union neighbors to impose import restrictions on grain from that country.
On May 2, the EU permitted the five nations of Bulgaria, Hungary, Poland, Romania, and Slovakia to impose import bans on Ukrainian wheat, maize, rapeseed, and sunflower seeds while still permitting their export, including to other EU nations, over their borders.
According to Reuters, the limits that were put in place to reduce the oversupply were slated to end on Monday. The five nations complained that domestic production was becoming unprofitable due to the cheaper grain from Ukraine.
Ukraine advocated for the ban to be lifted, but the European Commission noted in a statement that the ban has been extended to September 15, 2023.
In response, Dr. Kwakye predicted that the continuation of the restriction on Ukraine grain shipments would likely result in an increase in food costs.
The researcher expressed disappointment that, even after so many years of independence, Ghana is still unable to grow enough grain to feed its whole population in a tweet seen by 1Family Radio.
“Ghana must brace itself for even higher food prices as Ukrainian grain supplies are once again restricted,’’ parts of the post read.
“It is disappointing that we can’t produce enough local food to reduce food inflation, which exceeded 54% in June, and the general cost of living,’’ he wrote.
Source: 1Familyradio
