By Franklin ASARE-DONKOH
The Member of Parliament for Okaikwei Central in the Greater Accra Region, Mr. Patrick Yaw Boamah, has warned that the ongoing conflict between Iran and Israel could further destabilize Ghana’s already fragile economy.
Speaking to members of the Parliamentary Press Corps during a media briefing in Parliament on Monday, June 16, 2025, the New Patriotic Party (NPP) lawmaker expressed concern that Ghana, which is already grappling with debt and fiscal deficits, may face additional economic strain if the conflict escalates.
He explained that the Middle East accounts for over 25% of global crude oil processing, and a full-scale war in the region could significantly increase oil prices globally. Such a development, he noted, would directly affect Ghana, which relies heavily on imported fuel.
“The war between Iran and Israel could indirectly impact the country through global economic disruptions. The heavy exchanges between Israel and Iran are contributing to rising global crude oil prices, posing a potential threat to Ghana’s fuel costs and overall economic stability,” Mr. Boamah said.
He cited a 7% rise in world market crude oil prices, stating that it could trigger higher fuel costs, increased inflation, and slower economic growth.
“For instance, if you are a government and you used a certain figure as your projections for oil revenue and there has been a 7% increase in the world market price of crude, then there is cause to worry, and I’m calling on the government to take steps to address the situation,” he added.
Mr. Boamah also commented on the government’s recent directive to shut down Ghana’s embassy in Tehran, following safety concerns.
“I saw just a tweet from the Foreign Minister directing our foreign mission in Iran, specifically situated at House No. 4, Alley 9, B. Street, Moghaddas Adebili Avenue, Zafaranieh, Tehran, to be shut down,” he said.
According to the MP, a nearby market had been hit, and the area had reportedly suffered from water shortages and damaged communications equipment in recent weeks.
“As I speak to you now, my information is that we have five diplomats and one official working in our embassy, and there are other Ghanaians that the state will have to evacuate, and all these come at a cost to the country,” he noted.
Mr. Boamah concluded by expressing hope for a peaceful resolution to the conflict, saying, “We pray that the conflict between Iran and Israel will be addressed to bring peace between the two countries and the world at large.”
