Implications of the Iran–Israel–USA War on Ghana’s Gold and Oil Economy

Executive Summary

The escalating conflict involving Iran, Israel, and the United States has introduced significant volatility into global commodity markets. For Ghana, the crisis creates a dual economic shock. Elevated gold prices provide an opportunity for higher export revenues and foreign exchange inflows, while rising crude oil prices increase the cost of petroleum imports and pose risks to inflation and macroeconomic stability.

Ghana’s exposure is heightened by two structural realities: the concentration of gold exports through the Dubai trading hub and the country’s continued dependence on imported refined petroleum products despite being a crude oil producer. These dynamics mean that disruptions in Gulf logistics and rising oil price premiums could affect Ghana’s balance of payments, exchange rate stability, and fiscal consolidation efforts.........

 

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