President John Dramani Mahama of Ghana has cautioned that the ongoing conflict in the Middle East can lead to higher fuel prices and increased cost of living in Ghana if the situation spreads to the Gulf states.
Speaking during bilateral talks with Tanzanian President Samia Suluhu Hassan on Tuesday, March 3, 2026, on the sidelines of the African Court on Human and Peoples’ Rights’ 2026 Legal Year in Arusha, Tanzania, President Mahama stated that the conflict involving the United States, Israel and Iran poses a risk to global oil supply, especially if counterattacks extend to Gulf states, which play a central role in energy production and transportation.
He noted that Ghana depends largely on imported crude oil and refined petroleum products, making the country vulnerable to global price changes.
According to him, any sustained increase in oil prices will reflect directly in fuel costs, transport fares, food prices and the general cost of doing business.
President Mahama said that instability in the Middle East could have wide economic effects, particularly for African countries that rely on imported fuel.
He added that recent tensions involving Gulf states, a major route for global oil shipments, have raised concerns about possible supply disruptions.
He pointed to the strategic importance of the Strait of Hormuz, a major shipping route through which a large share of the world’s oil supply passes daily, warning that any disruption to that route could trigger a sharp rise in global oil prices, with direct consequences for Ghana’s economy.
President Mahama said that such external shocks could affect ongoing efforts to stabilise inflation and the exchange rate following Ghana’s recent debt restructuring.
Local media reports quoted Mahama as saying during the meeting that reforms in the small-scale gold sector had increased exports from 63 to 104 metric tonnes within nine months, contributing about US$10 billion to the economy.
He disclosed that Ghana intends to finance cocoa purchases locally and process at least 400,000 metric tonnes each year.
President Mahama said Ghana would present a resolution at the United Nations General Assembly on March 25, seeking recognition of the transatlantic slave trade as a crime against humanity. Tanzania has indicated its intention to support the resolution.
GIK/APA
