The Ghana International Trade and Finance Conference (GITFiC), has warned of an imminent global recession as a result of a possible rise in Global Crude Oil, necessitated by the tension on the Red Sea.
“We also warn of a possible sharp rise in the cost of global cargo transportation’.
In a statement signed by Mr Selasi Koffi Ackom, CEO of GITFiC they referenced recent military actions jointly carried out by the United States and United Kingdom with endorsements from some European countries.
“These, the 8th Steering Committee of the 8th Conference believe are excess-fallouts of the ongoing Israeli – Hamas war in the last three months”.
In the estimation of the GITFiC, should crude oil price rise to 180 USD/200 USD per barrel it would instantly plunge the Global Economy into yet another recession.
They therefore entreated Global actors to immediately call for dialogues to address the threats from the Houthis, Iran and the rest of the Gulf countries to avert a possible global recession.
“A global recession now will further exacerbate the current Global Economic downturn and will compound issues leaving no room for a soon recovery.”
Source: GNA
