Constitutional Rights and Policy Strategy Advisor at the Democracy Hub, Oliver Barker-Vormawor, says the ongoing tensions involving the United States, Israel and Iran could affect Ghana’s economic gains from gold and oil.
Speaking on Newsfile on Joy News on Saturday, he said Ghana’s direct trade with Iran or Israel is limited, but instability in the Middle East could disrupt key export routes.
Mr Barker-Vormawor noted that a large portion of Ghana’s small-scale gold production is refined in Dubai.
“Much of Ghana’s small-scale gold production, which now contributes about 32 percent of total output, is refined in Dubai,” he said.
He explained that if the conflict disrupts operations in the region, Ghana may have to explore alternative refining and trade routes, including options in India.
According to him, Ghana earns about $10 billion from gold exports, and although global gold prices are expected to remain strong, transporting and selling the gold could become more difficult during the conflict.
Mr Barker-Vormawor also warned that oil supply could be affected. He said Ghana may need to consider contingency measures at the Tema Oil Refinery to protect domestic fuel supply and limit price fluctuations.
He said economic planners would need to assess the risks and develop strategies to minimise the potential impact on the country’s trade and revenue.
Mr Barker-Vormawor added that ending the conflict quickly would help stabilise global markets and ease pressure on Ghana’s economy.
