🔥Mahama Urges Vigilance to Protect Ghana’s Economy Amid Middle East Tensions
Ghana’s former President John Dramani Mahama has directed the Ministers of Finance and Energy to take proactive measures to protect the nation’s recent economic gains from potential fallout caused by escalating tensions between Israel and Iran. Speaking during his “Thank You Tour” in the Savannah Region, Mahama emphasized that while Ghana has made progress in stabilizing its economy, it remains vulnerable to global geopolitical events—particularly those that influence crude oil prices.
“Despite the work we have done in stabilising the economy, Ghana is not immune from the shocks of global events,” Mahama cautioned. He noted that recent missile exchanges between Israel and Iran have already led to a surge in global crude oil prices, a development that could undermine recent reductions in fuel prices and inflation control efforts in Ghana.
To counter this threat, Mahama tasked the Finance and Energy Ministers with closely monitoring international oil markets and modeling various scenarios to assess potential impacts on the Ghanaian economy. He stressed the need for swift and strategic interventions, which may include the use of strategic petroleum reserves, fuel subsidies, or temporary fiscal measures to ease the burden on consumers.
In addition to addressing global economic risks, Mahama used the occasion to highlight key domestic development projects. He announced that construction on the long-awaited Damongo Water Supply System would soon begin, following the completion of design work and funding secured through the European Union. The project aims to deliver clean water to over 8,000 residents in Damongo and surrounding communities.
Mahama’s statements underline a broader policy approach focused on economic resilience. His dual strategy aims to shield the country from external shocks while investing in internal development and infrastructure. He reiterated his commitment to working within the framework of the ongoing IMF program, with an emphasis on fiscal discipline, energy sector reform, and strategic planning.
As global uncertainties continue, Mahama’s call for vigilance and preparedness serves as a timely reminder of the interconnected nature of Ghana’s economy with global events—and the importance of staying ahead of potential crises.
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