Iran–US–Israel Tensions Could Heavily Impact Ghana’s Economy — South Tong MP Warns

Описание: Iran–US–Israel Tensions Could Heavily Impact Ghana’s Economy — South Tong MP Warns

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The Member of Parliament for South Tongu Constituency, Kwame Maxwell Lukutor, has cautioned that escalating tensions involving the United States, Israel and Iran could have serious economic consequences for Ghana if the conflict persists.


Accra — The Member of Parliament for South Tongu Constituency, Kwame Maxwell Lukutor, says the ongoing geopolitical tensions involving Iran, Israel and the United States could significantly affect Ghana’s economy if the situation escalates further.

Speaking in an exclusive interview with Ghana’s Democracy News, the MP explained that because the world operates as a global village, conflicts in one part of the world often have ripple effects on other countries, including Ghana.

According to him, Ghana cannot isolate itself from global economic shocks unless it were completely independent from international trade.

“Unless Ghana is an island on its own, anything that happens in another country will definitely affect us,” he said.

The lawmaker noted that although Ghana produces crude oil, the country is not fully self-sufficient and still depends on imports of refined petroleum products from major oil-producing regions, particularly in the Middle East.

He warned that prolonged instability in oil-producing regions could disrupt supply chains and push up global fuel prices, which would directly affect Ghana’s economy.

The MP also pointed out that conflicts in the Middle East could affect countries in the Gulf region, including the United Arab Emirates, where many international economic activities connected to oil trade take place.

He added that the government is closely monitoring the situation and referenced recent diplomatic and evacuation efforts undertaken to ensure the safety of Ghanaian nationals in affected regions.

Addressing concerns about potential fuel price increases, the MP said global economic principles of supply and demand would ultimately determine the outcome.

“In economics, when demand goes higher than supply, prices will increase. If the conflict continues for a long time, it could have serious implications for Ghana,” he explained.

Despite the potential challenges, he stressed that the current administration would not use the international crisis as an excuse for domestic economic difficulties but rather as a situation that requires careful monitoring and preparedness.

The MP concluded by urging policymakers to remain vigilant and adopt proactive measures to cushion Ghana against possible economic and humanitarian impacts if the conflict escalates further.

— Ghana’s Democracy News | Reporting by Dennis Awuni 🇬🇭📊