President John Dramani Mahama has directed the Ministers of Energy and Finance to devise strategies aimed at safeguarding the recent reductions in petroleum product prices.
This call comes amid rising crude oil costs triggered by escalating hostilities between Israel and Iran.
Addressing residents during his Thank You Tour in the Savannah Region, President Mahama recognized Ghana’s strides in stabilizing its economy but cautioned that the country remains vulnerable to international developments.
He stated “Despite the work we have done in stabilising the economy, Ghana is not immune from the shocks of global events.”
He highlighted that the recent missile exchanges between Israel and Iran have caused a sharp increase in global crude oil prices, posing a risk to the gains made in lowering fuel costs domestically.
He argued “These recent events in the Middle East, which involve an exchange of missiles between Israel and Iran, have started to escalate crude oil prices dramatically.”
He further revealed that he has instructed the Minister of Finance, Dr. Cassiel Ato Forson, and the Minister of Energy, John Abdulai Jinapor, to closely monitor the situation, assess potential impacts on petroleum prices, and prepare protective measures to maintain the progress achieved so far.
President Mahama emphasized “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.”
By: Kwadwo Owusu
