Okaikwei Central MP Patrick Yaw Boamah has warned that the ongoing conflict between Israel and Iran poses serious economic risks to Ghana, especially due to rising oil prices.
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Speaking to journalists in Parliament on Monday, June 16, Boamah said crude oil prices have already surged 7% in recent weeks, and Ghana, being a net importer of fuel, is highly vulnerable. “This could lead to higher pump prices, inflation, and a slowdown in economic growth, especially when the country is still dealing with fiscal deficits and rising debt,” he cautioned.
Humanitarian and Diplomatic Concerns
Boamah also pointed out the safety risks faced by Ghanaian diplomats in Tehran, noting the government’s recent directive to shut down the embassy due to nearby damage, water cuts, and disrupted communications.
“Five diplomats and one official remain on the ground. Government must act quickly to evacuate them, an expensive but necessary move,” he added.
President Mahama Weighs In
On June 14, during his Thank You Tour in the Savannah Region, President John Mahama echoed similar concerns. He urged the Ministers of Energy and Finance to monitor the situation closely. “Despite our progress in stabilizing the economy, Ghana is not immune to external shocks,” Mahama warned.
He linked the missile exchanges between Israel and Iran to the recent crude oil price spike, cautioning it could erode gains made in reducing domestic fuel prices. “I’ve asked the Ministers to model the impact and prepare measures to protect recent gains in fuel price stability,” he said.
As global tensions rise, Ghana’s economic managers may be forced to act swiftly to shield citizens from the ripple effects of yet another external crisis.
