Economic Policy Advisor at the Office of the President, Seth Terkper, has warned that rising tensions in the Middle East could significantly derail Ghana’s economic progress if swift and strategic measures are not taken.
In a recent interview, Mr. Terkper underscored the serious global implications of geopolitical crises, especially those involving major oil-producing regions such as the Middle East.
He cautioned that any further escalation could cause a sharp spike in global crude oil prices, driving up Ghana’s import costs, weakening the cedi, and increasing inflationary pressures.
“These developments have already begun to affect global commodity prices, particularly crude oil, we’ve seen oil prices reverse course due to instability in the region,” Terkper said.
He emphasised the urgent need for Ghana to prepare in advance, rather than react during a crisis.
“The key to resilience is preparation. You don’t wait for a crisis to prepare. You prepare when times are relatively stable, so you’re ready when shocks hit,” he noted.
Mr. Terkper also stressed the importance of strengthening financial safeguards such as the Sinking Fund and the Stabilisation Fund as essential tools to protect the economy from external shocks.
His comments come at a time of heightened global uncertainty, renewing calls for sound economic planning and the urgent need to reinforce Ghana’s financial buffers.
