Ghana’s economy will suffer a jolt from the war between Iran and Israel – Okaikwei Central MP
Ghana's economy will suffer a jolt from the war between Iran and Israel – Okaikwei Central MP
Member of Parliament (MP) for Okaikwei Central Constituency in the Greater Accra Region on the ticket of the New Patriotic Party (NPP), Mr. Patrick Yaw Boamah, says Ghana’s economy will suffer a jolt from the war between Iran and Israel
According to him, the country’s economy is already facing challenges with debt and deficits, and the escalating conflict between Iran and Israel could exacerbate these issues.
Addressing some members of the Parliamentary Press Corps (PPC), at media briefing in Parliament, today, Monday, June 16, 2025, the Okaikwei Central lawmaker, explained that a major war in the Middle East where over 25% crude oil is processed could cause significant spikes in global oil prices, which Ghana relies on for energy.
He further stated that the seven percent (7%) increment in World Market crude oil prices would raise the cost of fuel and potentially lead to higher inflation and reduced economic growth.
“The war between Iran and Israel could indirectly impact the country through global economic disruptions. The heavy exchanges between Israel and Iran are contributing to rising global crude oil prices, posing a potential threat to Ghana’s fuel costs and overall economic stability,” the Okaikwei Central MP reiterated.
“For instance, if you are a government and you used a certain figure as your projections for oil revenue and there’s been a 7% increase in the World Market price of crude, there’s a cause to worry, and I’m calling on the government to take steps to arrest the situation.
That notwithstanding, I saw just a tweet from the Foreign Minister directing our Foreign Mission in Iran, specifically situated at House No. 4, Alley 9, B. Street, Moghaddas Adebili Avenue, Zafaranieh, Tehran, to be shut down.
A market near the embassy was hit and for some weeks there hasn’t been water, communications equipment, and other stuff have damaged.
As I speak to you now, my information is that we have five diplomats and one official working in our embassy, and there are other Ghanaians that the state will have to evacuate, and all these come at a cost to the country,” he told journalists.
We pray that the conflict between Iran and Israel will be addressed to bring peace between the two countries and the world at last. The Okaikwei Central MP added.
