President Mahama has directed the Ministers of Energy and Finance to prepare measures aimed at protecting recent gains made in reducing petroleum product prices, as escalating hostilities between Israel and Iran continue to drive up global crude oil prices.
Speaking during his Thank You Tour of the Savannah Region, President Mahama acknowledged Ghana’s progress in stabilising the economy but cautioned that international developments could threaten that progress.
“Despite the work we have done in stabilising the economy, Ghana is not immune to shocks from global events,” he said.
He noted that the recent exchange of missiles between Israel and Iran has caused a sharp rise in crude oil prices, which could reverse the drop in petroleum prices in Ghana.
“Recent events in the Middle East, involving an exchange of missiles between Israel and Iran, have begun to escalate crude oil prices dramatically,” President Mahama said.
“I have asked our Minister of Finance and Minister of Energy to monitor the situation closely, model the possible impacts on our petroleum prices, and prepare measures to protect the recent gains we have made,” he added.
On local development, President Mahama announced that work on the long-awaited Damongo Water Supply System will soon begin, promising much-needed relief to residents.
“Access to clean water is not a luxury; it is a basic right,” he stated.
He revealed that the European Union has agreed to fund the project and that all technical designs have been completed.
“The Damongo water supply system, which has been delayed for far too long, will finally come on stream. We have all the designs ready, and the European Union has provided funding to execute the project,” he said.
The project will draw water from the White Volta at Yape and supply Damongo and surrounding communities.
“It will serve the 8,000 residents of Damongo, and all communities along the pipeline will also benefit from clean drinking water,” he said.
