Seth Terkper is the Economic Policy Advisor at the Office of the President
Seth Terkper, Economic Policy Advisor at the Office of the President, has warned that rising tensions in the Middle East could significantly harm Ghana’s economic stability if the country fails to prepare adequately.
Speaking on The Point of View on Channel One TV on Monday, June 30, he emphasised the need for Ghana to take global geopolitical issues seriously, especially those involving key oil-producing regions like the Middle East.
He cautioned that any further unrest could lead to a sharp rise in global oil prices, which would increase the cost of imports, put pressure on the cedi, and drive up inflation.
Terkper noted that recent conflicts in the Middle East have already had noticeable effects on global markets, particularly crude oil prices.
He stressed that Ghana’s best chance of withstanding such external shocks lies in forward-thinking policies.
“The most important thing for me is to prepare for a crisis, such as what is happening in the Middle East. You don’t prepare for a crisis during a crisis; you anticipate the crisis and prepare when times are good,” he added.
Terkper called for the strengthening of financial safety nets, such as the Sinking Fund and the Stabilisation Fund, to build economic resilience.
His comments come at a time of growing global uncertainty, reinforcing the need for proactive economic planning.
DR/MA
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