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Dissolve the yeast and half of the sugar in the lukewarm water. Set aside until frothy.
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Sift the flour into the bowl of an electric mixer fitted with the hook attachment. Add the remaining sugar, lard, and salt to the flour. Pour in the activated yeast mixture and knead the dry ingredients together until the dough begins to come together.
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Replace the hook with the paddle attachment. While mixing, add the egg and enough water to obtain a thick, soft, and sticky dough.
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Transfer the dough to a lightly greased bowl, cover, and let it rise for 1 hour or until doubled in size.
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Lightly grease your hands with olive oil and divide the dough into 12 balls about the size of small oranges.
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Place them on a tray lined with baking paper and let them rise for 30 minutes.
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Deep fry them at 170°C – 340°F until golden brown. Transfer them to a plate lined with a paper towel to drain excess oil.
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When lukewarm, cut a slit halfway through each graffa and fill with a generous amount of ricotta cream.
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Dust with icing sugar and serve.