President John Dramani Mahama
President John Dramani Mahama has called on the Finance and Energy Ministers to take action to protect the gains gained in reducing petroleum product costs, as escalating tensions between Iran and Israel have started to raise the price of crude oil.
During his June 14 Thank You Tour of the Savannah Region, President Mahama praised Ghana’s recent efforts to stabilize its economy but also issued a warning about the potential effects of world events.
“Despite the work we have done in stabilising the economy, Ghana is not immune from the shocks of global events,” President Mahama said.
According to him, the recent missile strike between Iran and Israel has caused a significant spike in the price of crude oil, which will probably undermine Ghana’s efforts to lower the cost of petroleum goods.
“Recent events in the Middle East, which involve an exchange of missiles between Israel and Iran, have started to escalate crude oil prices dramatically.
“I’ve asked our Minister of Finance and Minister of Energy to keep a close eye on the development and model the possible impacts on our petroleum prices and prepare measures to protect the recent gains that we have made,” he added.
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