President John Dramani Mahama has cautioned that the escalating military conflict between Israel and Iran could severely impact Ghana’s economy, warning of a sharp rise in crude oil prices that may erode the country’s recent economic progress.
Speaking during his “Thank You” tour of the Savannah Region on Saturday, Mr. Mahama noted that despite ongoing efforts to stabilise the national economy, global developments continue to pose significant risks.
“Despite the work we have done in stabilising the economy, Ghana is not immune from the shocks of global events,” he told a gathering of supporters.
“Recent events in the Middle East, involving an exchange of missiles between Israel and Iran, have started to drive up crude oil prices dramatically.”
Mr. Mahama revealed that he had directed Ghana’s Minister of Finance and Minister of Energy to closely monitor the situation and assess its potential impact on fuel prices and the broader economy.
“I have asked the Minister of Finance and Minister of Energy to keep a close eye on the development and model the possible impact on our petroleum prices, and prepare measures to protect the recent gains we have made,” he said.
While reaffirming his commitment to the people of the Savannah Region, Mr. Mahama underscored the importance of vigilance and preparedness in the face of external economic shocks.
His comments come amid rising concerns in global oil markets, as continued hostilities between Israel and Iran threaten to disrupt key energy supply routes—putting additional pressure on oil-importing countries like Ghana.
