Ongoing tensions between Israel and Iran, while not yet causing immediate economic shocks, could pose significant risks to Ghana’s economy depending on how the conflict unfolds and how well the country is prepared to respond, some market analysts have cautioned.

This warning comes amid positive economic news at home. Ghana recorded a 5.3% growth rate in the last quarter, with several indicators pointing to a strengthening economy.

However, economist Professor Patrick Asuming, in an interview with Citi Business News, warned that external shocks—particularly geopolitical conflicts—could undermine these gains. He noted that Ghana's dependence on oil imports and exposure to global commodity markets make it especially susceptible to disruptions in energy supply and trade.

“There is a high likelihood of disruptions in oil production and global trade routes. If prices rise significantly, it will definitely affect the Ghanaian economy,” Professor Asuming said.

He emphasized that while the economy has remained relatively stable during the first five months of the year, Ghana must continue to make tough policy choices to reinforce its economic resilience. “What we can do to help ourselves is to manage our economy better. Stability so far is promising, but there are still difficult decisions ahead,” he added.

Fuel price changes in Ghana have far-reaching impacts, extending beyond transportation to influence food prices, logistics costs, and general inflation. A prolonged period of elevated fuel prices could place renewed pressure on Ghana’s ongoing efforts to consolidate macroeconomic gains.

In response to the situation, President John Dramani Mahama has directed the Finance and Energy Ministers to monitor developments in the Middle East closely. Speaking during his ‘Thank You’ Tour of the Savannah Region, he urged both ministries to assess potential implications for global fuel prices and formulate strategies to safeguard the country’s recent economic progress.