Economic gains at risk from Israel-Iran tensions – Mahama warns

President John Dramani Mahama says the escalating military conflict between Israel and Iran could have a significant impact on Ghana’s economy, warning of a sharp rise in crude oil prices that may undo recent economic progress.

Speaking during his “Thank You” tour of the Savannah Region on Saturday, Mr Mahama said that although efforts have been made to stabilise the national economy, global developments remain a major threat.

“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, which involve an exchange of missiles between Israel and Iran, have started to escalate crude oil prices dramatically.”

Mr Mahama disclosed that he had instructed Ghana’s Minister of Finance and Minister of Energy to monitor the situation closely and assess its implications for fuel prices and broader economic stability.

“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 that we have made,” he said.

While reaffirming his commitment to the people of the Savannah Region, Mahama used the occasion to stress the importance of vigilance and preparedness in the face of external economic shocks.

His comments come as global oil markets react to growing instability in the Middle East, with fears that continued hostilities between Israel and Iran could disrupt energy supply routes and send prices soaring — putting added pressure on oil-importing economies like Ghana.