President Nana Akufo-Addo, President of the Republic of Ghana, says food now consumes about 40 per cent of income in African households.

Mr Akufo-Addo said this at the 2022 annual meetings of the African Development Bank (AfDB) for Heads of states, governors and other stakeholders in Accra, Ghana on Tuesday.

He said the percentage was higher when compared with less than 20 per cent of income spent on food by households in advanced economies.

Mr Akufo-Addo attributed the development to the rising food prices caused by Russia’s invasion of Ukraine which compounded the emerging socio-economic vulnerabilities.

“Since February, prices of staple food commodities have surged drastically. Energy markets have been significantly volatile, with dire consequences for households and public finances.

“The immediate economic consequences whether in the form of rising inflation, lower growth, increased inequality and greater financial instability are likely to permeate deeper. The debt challenges are compounding for us in Africa,” he said. 

Mr Akufo-Addo called on African leaders to ensure that the teeming youths were better educated and digitally enabled.

Reacting, Ken Ofori-Atta, chairperson of the AfDB Boards of Governors, said that the balance sheet of the African Development Fund (ADF) must be leveraged to raise additional capital for the continent.

(NAN)