President Mahama has requested that the Finance and Energy Ministers draft policies to safeguard the recent progress in lowering the cost of petroleum products, since rising tensions between Iran and Israel have begun to drive up the price of crude oil.
President Mahama hailed Ghana’s recent economic stabilization efforts during his Thank You Tour of the Savannah Region, but also cautioned about the possible effects of global events.
“Despite the work we have done in stabilising the economy, Ghana is not immune from the shocks of global events,” he said.
He clarified that previous gains in lowering the cost of petroleum products in Ghana are in danger of being reversed due to the recent spike in crude oil prices brought on by the missile exchange between Iran and Israel.
“Recent events in the Middle East, which involve an exchange of missiles between Israel and Iran, have started to escalate crude oil prices dramatically,” President Mahama said.
“I’ve asked our Minister of Finance and Minister of Energy to keep a close eye on the development and model the possible impacts on our petroleum prices and prepare measures to protect the recent gains that we have made,” he added.
Speaking about local development concerns, the President declared that much-needed relief will soon be provided to the local population with the start of construction on the long-awaited Damongo Water Supply System.
“Access to clean water is not a luxury, it is a basic right,” declared President Mahama.
He affirmed that all required designs have been finished and that the European Union has provided funds for the project.
Water from the White Volta at Yape will be used in the project to supply Damongo and the neighboring towns.
“It will serve the 8,000 residents of Damongo and all communities along the water pipeline will also receive clean drinking water,” he stated.