Mahama Warns Ghana Could Feel Oil Price Shock from Israel–Iran Conflict
President John Dramani Mahama has cautioned that escalating military exchanges between Israel and Iran are already lifting global crude oil prices, posing a real threat to Ghana's economic recovery and domestic fuel affordability. 1. Global Oil Prices on the Upswing The recent missile attacks have triggered a noticeable uptick in Brent and WTI crude prices—by over 7–10%, the most significant jump since the 2022 Ukraine crisis. Market fears center on potential supply disruptions in the Strait of Hormuz and broader Middle East energy infrastructure. 2. Ghana Is Not Immune Despite being a crude oil producer, Ghana remains a net importer of refined petroleum. Mahama warned that surging global oil rates could reverse recent economic gains and impact domestic fuel prices. 3. Ministerial Directives Issued Recognizing the urgency, Mahama has ordered the Ministers of Finance and Energy to: Model the conflict’s […]