Economy will not collapse despite Iran war – Mahama

President John Dramani Mahama has assured Ghanaians that the nation’s economy will remain stable despite rising fuel prices caused by tensions in the Middle East.

Speaking on April 4, 2026, at the Kwahu Business Forum, the President said the global conflict in Iran, while affecting petroleum markets, is unlikely to derail Ghana’s economic progress. “I can confidently tell you that the economy will not collapse because of the war in Iran,” he stated, offering reassurance to households and businesses alike.

The conflict has pushed international oil prices higher, prompting significant domestic fuel price hikes. Petrol now costs around GH¢13.30 per litre, an increase of approximately 15 percent, while diesel has climbed nearly 19 percent to about GH¢17.10 per litre, according to the National Petroleum Authority.

In response, President Mahama convened an emergency Cabinet meeting to explore targeted interventions aimed at mitigating the impact on consumers. He said the session would review fuel price build-ups, including taxes, levies, and margins, to identify measures that could ease the burden while maintaining fiscal discipline. “There are adjustments we can make, particularly in the margins, to help maintain relatively stable prices as we pray for the war to cease,” he explained.

The President praised transport unions for restraining fare increases despite higher fuel costs. “I want to express my sincere gratitude to the transport unions for their patience and understanding. They have held off on increasing fares, which helps prevent a ripple effect on the cost of living,” he said.

Government is also considering adjustments to fuel levies and margins as part of broader efforts to stabilise prices amid volatile international conditions. Analysts note that Ghana’s strong macroeconomic fundamentals — including cedi stability and prudent fiscal management — provide a buffer against external shocks.

President Mahama reiterated that while global conflicts create uncertainty, Ghana’s economy is resilient. He urged citizens and businesses to remain confident in the government’s policies and reassured them that all practical steps are being taken to shield the public from unnecessary financial strain.