Mahama Warns of Economic Fallout from Israel-Iran Conflict, Tasks Ministers to Monitor Impact on Oil Prices

Savannah Region, Ghana - 14 June, 2025 - Ghana's President John Dramani Mahama has sounded the alarm over the potential economic fallout from the escalating tensions between Israel and Iran, warning that the conflict could drive up global crude oil prices and undermine Ghana's economic progress.

Speaking on a thank-you tour of the Savannah Region, President Mahama emphasized the need for vigilance in the face of global uncertainty. He noted that Ghana's economy, while stabilizing, remains vulnerable to external shocks, including fluctuations in global oil prices.

“Today, I wish to reaffirm that our commitment to the people of the Savannah Region will never shake. Despite the progress we’ve made in stabilising the economy, Ghana is not immune to the shocks of global events,” he said.

The President has tasked the Ministers of Finance and Energy with closely monitoring the situation and assessing its potential impact on Ghana's fuel prices and economic stability. He directed them to prepare contingency measures to safeguard the country's economic gains, which have been hard-won in recent times.

“I have instructed the Ministers of Finance and Energy to keep a close eye on the developments and model the possible impact on our petroleum prices. They must prepare appropriate measures to safeguard the gains we’ve made,” he added.

The conflict in the Middle East has already led to an increase in global crude oil prices, posing a threat to Ghana's economic stability. 

Source: Lead News Online