Ghana At Risk Of Fuel Price Surge If Government Fails To Prepare – Economist

Mr. Addae Asante, economist and lecturer at Kumasi Technical University (KsTU), has warned that ongoing conflicts in the Middle East could drive fuel prices up, impacting developing countries like Ghana.

Speaking on Opemsuo Radio’s Nkwantannanso program with Kofi Boakye, he explained that about 20% of the world’s fuel supply comes from the region, and any disruption could trigger a significant shortage.

“If supply reduces, prices will go up. If the prices go up, it will affect we the developing countries, so the government has to take actions and prepare,” Mr. Asante said.

He cited the United States as an example, noting that before they start any fight, they secure fuel in advance to protect their economy. He urged the Ghanaian government to adopt similar measures.

“The government should get money and buy more fuel and save so that when it reaches a situation where it becomes scarce, it won’t affect us that much,” he added.

Mr. Asante stressed that without proactive steps, fuel prices in Ghana are likely to rise rapidly, putting further pressure on the economy.