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Russia war to hit construction sector as Ghana imports 60% of steel, iron ore from Ukraine – BoG

The ongoing Russia-Ukraine war will have a negative impact on Ghana’s construction industry, as the West African country imports about 60 percent of her steel and iron ore from the war-torn Eastern European nation, the Bank of Ghana has warned.

At its 105th Monetary Policy Committee meeting this week, the Bank of Ghana said: “The Russia-Ukraine war is likely to impact negatively on Ghana’s external sector, particularly in the area of some key construction and agricultural commodities.”

The Governor of the central bank, Dr. Ernest Addison said: “In recent past, an average of about 2.5 percent of Ghana’s total non-oil imports have originated from Russia and Ukraine and around 0.4 percent of Ghana’s total exports are destined to Russia and Ukraine.”

The main import items from Russia are grains, wheat flour, and fertilizers.

In 2021, around 28.7 percent of Ghana’s grain imports came from Russia and for the first two months of 2022, grain imports from Russia accounted for 31.2 percent of the total grain imports, he added.

“And about 50.0 percent and 39.2 percent of flour and fertilizer imports respectively, were sourced from Russia in the first two months of this year,”
Dr. Addison intimidate.

“Ghana’s main exports to Russia are cocoa beans and products and they accounted for 0.2 percent of total cocoa exports,” he revealed.

These, he said, “have important implications for the supply and prices of these major items imported from Russia.”

Ghana’s major imports from Ukraine are iron ore and steel, Dr. Addison noted, “accounting for over 60 percent of the total iron ore and steel imports.”

“As a result of this fact, the construction industry will likely face some challenges in terms of supply disruptions and prices of steel and iron ore imports.”

With regard to exports, Dr. Addison said “manganese is the major item exported to Ukraine and for the first two months of this year, manganese shipment to Ukraine accounted for around 12 percent of the total manganese exports.”

“Over the past few years, manganese exports to Ukraine has accounted for over 20 percent of the total manganese exports.”

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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