Economist Adu Owusu Sarkodie is urging the government of Ghana to use any additional revenue from rising global oil prices to support drivers and vulnerable groups.
Speaking on PM Express Business Edition on Joy News last Thursday, he said tensions in the Middle East could present both risks and opportunities for Ghana as an oil-exporting country.
According to him, higher global crude prices could increase Ghana’s oil revenue if production levels remain the same.
“If international crude oil prices rise and Ghana keeps production levels unchanged, the country could earn more revenue than projected,” he said.
Dr Sarkodie suggested that the government should use part of the extra revenue to cushion the impact of rising fuel prices on vulnerable groups.
He proposed targeted support for transport operators, including trotro, taxi and ride-hailing drivers, who are directly affected by fuel price increases.
Such support, he explained, could help stabilise transport fares and reduce pressure on commuters.
The economist also warned that if the Middle East conflict continues for a long period—similar to the Russia–Ukraine War—it could have broader economic consequences for Ghana.
He noted that the Russia–Ukraine war disrupted global supply chains and led to shortages and rising prices of commodities such as fertiliser and wheat.
According to him, Ghana should use the current global uncertainty as an opportunity to strengthen local production.
Dr Sarkodie called for increased investment in agriculture, industry and services, including the local production of fertiliser, poultry and sugar.
He said expanding domestic production would help reduce Ghana’s reliance on imports and protect the economy from external shocks.
