Economy: Israel-Hamas War Could Affect Ghana — Minister of State At Finance Ministry

The Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam has said the Israel Hamas War could affect Ghana’s Economic projections but  says it is too early to tell the exact effect.

The Minister spoke in the wake of an ongoing armed conflict between Palestinian militant groups led by Hamas and Israel which began on 7 October 2023, with a coordinated surprise offensive on Israel and an Israeli response leading to a full blown war.

Due to the effect of the Russia Ukraine war on Ghana’s Economy, many Ghanaians expressed concern that the latest war may cause further problems for the Ghanaian economy.

The Minister of State At the Ministry of Finance has answered the question in the affirmative saying Ghana could be affected.

He made the observation during an appearance on Good Evening Ghana Tuesday with host Paul Adom Otchere where the Minister spoke about the general economic outlook of the country.

Asked by Adom Otchere whether “the Hamas incursions in Israel going to affect anything in Ghana in terms of their projection?”, the Minister replied “I mean of course!”.

“Of course.. This (Israel Hamas War) is an event that could engulf the whole world. To the extent  that it affects global supply of goods we import some of our goods including even the foods that we eat from other countries. Israel export grains one of the largest and that could affect global happenings. To the extent that the goods that is affected heavily imported into this country will certainly affect us as well” He said.

He added: “It is too early to say that the effect is here but there is always the transmission mechanism through which global happenings affect countries like Ghana”.

The Minister said Ivory Coast and Senegal are not likely to face same effects as Ghana because they are not as open as Ghana.

He said “they are not open economies”.