The Member of Parliament (MP) for Builsa North, James Agalga, has raised concerns about the potential economic consequences of the ongoing tensions involving the United States and Israel with Iran, warning that the conflict could negatively affect economies across Ghana and the wider African continent.

Speaking to the media, the Chairman of Parliament’s Defence and Interior Committee noted that although the situation could trigger economic shocks, Ghana currently has enough reserves to cushion the country in the short term.

According to him, the government remains confident in its ability to manage any potential economic fallout but stressed that a swift de-escalation of hostilities would be in the best interest of the global economy.

Agalga explained that the conflict has the potential to push up global oil prices, which could in turn increase the cost of fuel in Ghana. As a net importer of petroleum products, he said, Ghana is particularly vulnerable to external shocks in the energy market.

Higher fuel prices, he added, could subsequently drive up inflation and place additional pressure on households and businesses.

Despite these concerns, the Builsa North MP commended the current administration for what he described as its commitment to delivering on its mandate, insisting that the government will not use the conflict as justification for poor economic performance.

He contrasted this stance with that of the previous administration, which he accused of attributing economic challenges to the Russia–Ukraine War.

Agalga further criticized the former government over allegations of corruption, referencing claims of financial mismanagement involving former Finance Minister Ken Ofori-Atta.

The lawmaker concluded by emphasizing the need for global diplomacy and restraint, noting that prolonged geopolitical tensions in the Middle East could have far-reaching consequences for energy prices, inflation and economic stability across developing economies, including those in Africa.