A consequence of the ongoing Russia-Ukraine war is the runaway inflation being experienced globally, making African countries reel from the pressures. Hikes in the cost of food and energy supplies are driving inflation to record levels. According to Professor Benedict Oramah, president of the African Export-Import Bank, the current crisis in Ukraine poses additional problems to Africa by the restriction of access to grains, fuel and fertilizers; and the bank is mindful of the fact that Africans have to be the solution to the problems affecting Africa. Thus, Afriexim Bank has launched a $4 billion adjustment trade finance programme to help contain the short-term impact of the ongoing war on African economies. To take a look at how Africa is dealing with the effect of the Russia-Ukraine war with Tolulope Adeleru-Balogun on Business Edge is Dr XN Iraki of the University of Nairobi Kenya.
Dr Iraki says that many Africans didn’t realize how closely linked the continent was to both Russia and Ukraine until the outbreak of war and it became apparent that Africa relied enormously on the imports of wheat, grain, fertilizers and petroleum products from that region. The almost sudden skyrocketing of these commodities has made it apparent that whatever happens there directly impacts Africa. Russia alone accounts for the wheat supply to many African countries, twenty-one at least. In the absence of this supply, Africa will have to look else for its wheat import. Dr Iraki suggests America or a total overhaul of the food diet across the continent. “Who says we have to eat wheat? Who says we must eat other foods that are made from wheat?” he asks.
The new one-hour Business Edge also features Money Monday in part 2, and today’s edition focuses on how to save. Watch above.
Copyright: News Central TV
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.