Ghana’s economy may face renewed pressure as a result of rising global oil prices driven by the ongoing conflict between Israel and Iran, according to the Member of Parliament for Okaikwei Central, Patrick Yaw Boamah.
Speaking to journalists in Parliament, Mr. Boamah warned that Ghana, being a net importer of fuel, is highly vulnerable to external shocks in the oil market.
He noted that crude oil prices have already risen by about seven per cent in recent weeks.
“This could lead to higher pump prices, inflation, and further slow down economic growth, especially when the country is still struggling with fiscal deficits and rising public debt,” he said.
Beyond the economic impact, Mr. Boamah also raised concerns about the safety of Ghanaian diplomats in Iran.
He referenced a recent directive by Ghana’s Foreign Minister to shut down the country’s mission in Tehran following reports of damage to nearby infrastructure and communication disruptions.
He noted that five diplomats and one official remain on the ground, and efforts must be made to ensure their safe evacuation.
Former President John Mahama also weighed in during his Thank You Tour of the Savannah Region on June 14.
He praised recent gains in economic stability but urged caution, warning that global tensions could undermine that progress.
“Despite the work we have done in stabilising the economy, Ghana is not immune to the shocks of global events,” he said, noting that the exchange of missiles in the Middle East has already started pushing crude prices upward.
