President John Dramani Mahama has warned that the escalating conflict in the Middle East could have serious economic consequences for Africa.
According to John Mahama, hostilities involving the United States, Israel, and Iran would hurt African economies.
Mahama argued that the Middle East is the epicentre of global oil supplies, adding that African economies must brace for inevitable shocks.
President Mahama made this known while speaking during a bilateral meeting with Tanzanian President Samia Suluhu Hassan at the State House in Arusha on March 2, 2026.
He expressed alarm over the intensifying exchanges between the U.S., Israel, and Iran, as well as the counter-attacks, stressing that the tensions would trigger the rise of crude oil prices, which would impact African countries.
In related news, Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has warned that the Middle East tensions will hit Ghana’s pumps soon.
According to Duncan Amoah, although Ghana currently has enough fuel in stock, he argued that private traders are already factoring the crisis into their pricing decisions for future cargoes.
Speaking on JoyNews’ The Probe on Sunday, March 1, Mr Amoah explained, “If I was a trader and I woke up tomorrow to have to put stock on the market, I would definitely bear in mind the fact that these hostilities or tensions prevailing within the Middle East could affect the next cargo containment that I get down here”.
In a separate interview, Duncan Amoah warned of a possible surge in Global crude oil following the escalating tensions in the Middle East.
According to COPEC, the escalating tensions in the Middle East would significantly affect petroleum markets worldwide, including Ghana.
He disclosed that the Strait of Hormuz, a critical global oil transit route, is currently blocked.
Duncan Amoah further disclosed that crude prices have already reacted sharply to the disruption.
He indicated that oil prices had surged to $91 a barrel amid the Hormuz blockade, up from between 67 and 69 dollars recorded the previous day.
Meanwhile, Abass Ibrahim Tasunti, the Director of Economic Regulation and Planning at the National Petroleum Authority (NPA), has said Ghana has enough fuel stock to last over 5 weeks amid Middle East tensions.
According to Abass Ibrahim Tasunti, Ghana, as a net importer of petroleum products, will without doubt feel the impact of the escalating Middle East tensions, but argued that the NPA has robust measures in place.
He detailed that the NPA will shield consumers from immediate shortages as Ghana has diesel stocks to last us over five weeks, and also petrol, which will last almost 6.8 weeks.
Speaking on JoyNews’ The Probe on Sunday, March 1, Abass Ibrahim Tasunti stated, “As of last Friday, we have diesel stocks to last us over five weeks. Roughly, it will last us up to 5.3 weeks. And then for petrol, we have almost 6.8 weeks to last”.
“So we have a plan where almost every day, discharge of petroleum products are being done. That’s for the imported products. And we also have the Sentuo oil refinery, which is consistently producing. It has been doing so since June 2025. And as we speak, they are producing on a daily basis and putting petroleum products on the market.
“The Atuabo gas processing plant is also producing and putting LPG on the market. So in terms of stocks, whilst we consume what is in-tank, we have a plan for import as well.”
“Even without this war, we always ensure that we have a plan to make petroleum products available for consumers in the country. So this is not something that is being done because of the war, but it’s something we do on the regular. It’s one of NPA’s major mandates,” he stated.