Mahama says rising Israel-Iran tensions could threaten Ghana’s fuel stability

President John Dramani Mahama has sounded the alarm over the economic risks posed by escalating hostilities between Israel and Iran, warning that the ongoing missile exchanges are already driving up global crude oil prices and could soon hit Ghana’s fuel market and economic stability.

Addressing supporters during his Thank-You Tour of the Savannah Region on Saturday, 14 June, the President said the geopolitical conflict poses a real danger to Ghana’s fragile economic recovery.

“Today, I wish to reaffirm that our commitment to the people of the Savannah Region will never shake. Despite the progress we've made in stabilising the economy, Ghana is not immune to the shocks of global events,” he said.

President Mahama revealed that he has tasked the Ministers of Finance and Energy to stay vigilant and model the likely effects of the conflict on Ghana’s petroleum pricing.

“I have instructed the Ministers of Finance and Energy to keep a close eye on the developments and model the possible impact on our petroleum prices. They must prepare appropriate measures to safeguard the gains we've made,” he added.

The directive underscores the government’s urgency to pre-empt potential fallout from rising oil prices, which could translate into higher transportation costs, inflation, and fiscal strain if left unchecked.

Meanwhile, the President also used the occasion to announce a major boost to higher education in the Savannah Region with the promise of a new public university.

“I'm proud to announce that, in line with the NDC's 2024 manifesto to establish a public university in each of the six new regions, a public university will be built right here in the Savannah Region,” he stated.

President Mahama stressed that the institution would play a critical role in advancing the government’s flagship Feed Ghana initiative, aimed at transforming agriculture into a catalyst for economic growth and employment.

“This university will not only be symbolic; it will be functional, targeted, and grounded in our national agenda for skills-driven development,” Mahama said.

“This university will train the human resources to drive our Feed Ghana programme and help deliver an agriculture-for-economic-transformation agenda,” he added.

The dual focus—on cushioning Ghana from global economic turbulence and investing in long-term human capital—reflects the Mahama administration’s bid to consolidate its recovery efforts while laying the foundation for sustainable growth.