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President John Dramani Mahama has expressed concern that the ongoing Israel–Iran conflict could deepen fuel-price volatility worldwide, threatening Ghana’s economic stability despite the cedi’s recent strength.
Speaking on Ghana’s economic outlook, President Mahama noted that the country has enjoyed relatively low fuel prices in recent months as a result of the cedi’s stability.
“The good news is that the push factor isn’t coming from our currency; it’s from crude oil and finished product prices,” he said. According to him, government interventions have already absorbed parts of recent global increases to ease the burden on consumers.
However, he warned that prolonged unrest in the Middle East could disrupt global oil supply chains, driving up inflation through higher transportation and food costs.
“My hope is that the Israel-Iran war will soon come to an end, so we see more stable fuel prices,” Mahama stated.
To mitigate future shocks, the president announced a forthcoming Ghc1.00 development levy on fuel, aimed at cushioning consumers against global price swings.
“If it continues, we’ll take further measures and look at margins with the tools we have,” he added, reaffirming the government’s commitment to maintaining price stability and protecting citizens from inflationary pressures.
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