Dr. Emmanuel Kofi Mbiah, former chief executive of the Ghana Shippers Authority (GSA), said the ongoing Russian-Ukrainian conflict will have a significant negative impact on business activities globally if it continues.

He said this would not only severely affect oil and gas supplies, but also food supplies, as the two countries account for a significant share of global grain production.

He told the Ghana News Agency (GNA) that the consequences of the war on shipping are already being felt.

“The little we see in the suffocation of global supply chains is just the beginning, look at the price of oil, for example, all of a sudden we’ve gone to $139 a barrel.”

Dr Mbiah noted that the impact was significant as rising crude oil prices had affected almost all spheres of life.

The conflict was not only affecting European countries, African nations were not spared, he said, adding that just as countries around the world were emerging from the COVID-19 pandemic and trying to make it work again supply chains, the war has begun.

“You would think you’re way off so the impact isn’t on you, but you would realize imports, especially processed foods are going to be expensive, fuel prices have gone up, bunkers have gone up prices and freight rates will go through the roof.”

Russia and Ukraine alone supply 30% of the world’s wheat needs. Ukraine is also the world’s fourth largest exporter of maize and around the fifth largest exporter of wheat.

He said that currently the Black Sea and Azov region has become a dangerous route, trapping 140 merchant ships, while some commercial ships have suffered collateral damage from missile strikes.