President John Dramani Mahama has directed Ghana’s Ministers of Energy and Finance to develop contingency plans to shield the country’s recent gains in fuel price reductions, citing heightened geopolitical risks stemming from renewed conflict in the Middle East.
Speaking during a visit to the Savannah Region as part of his nationwide “Thank You” tour, Mr. Mahama warned that the fragile global energy market—rattled by escalating hostilities between Israel and Iran—poses a direct threat to Ghana’s economic stability.
“Despite the work we have done in stabilizing the economy, Ghana is not immune from the shocks of global events,” the president said. “Recent events in the Middle East, which involve an exchange of missiles between Israel and Iran, have started to escalate crude oil prices dramatically.”
Crude prices have seen sharp increases in recent days, a development analysts attribute to growing tensions in the Gulf. Ghana, a net importer of refined petroleum products, has benefitted from falling global oil prices in recent months, easing pressure on consumers and government subsidies.
President Mahama emphasized the need for vigilance, instructing key cabinet officials to model potential price shocks and prepare appropriate policy responses. “We must protect the recent gains we’ve made,” he said.
In a shift to domestic development matters, the president also announced the imminent launch of the long-delayed Damongo Water Supply System, a major infrastructure project set to bring potable water to the region.
“Access to clean water is not a luxury—it is a basic right,” Mr. Mahama said, noting that the European Union has committed funding for the project. Final design plans have been completed, and construction is expected to begin shortly.
The water system will draw from the White Volta River at Yape, with infrastructure designed to serve approximately 8,000 residents in Damongo and surrounding communities. “All settlements along the pipeline will also benefit,” the president confirmed.
Source:TheDotNews