The Ranking Member on Parliament’s Foreign Affairs Committee, Samuel Abdulai Jinapor, has called on President John Dramani Mahama to urgently convene an emergency Cabinet meeting to deliberate on the growing economic risks stemming from escalating tensions in the Middle East.

According to the Damongo Member of Parliament, the unfolding geopolitical crisis is already having ripple effects on global markets, particularly in the energy sector, with crude oil prices experiencing sharp increases.

Jinapor warned that these global developments are beginning to translate into tangible hardships for Ghanaians, as rising oil prices are pushing up the cost of fuel at the pumps.

He stressed that the situation requires immediate and decisive action at the highest level of government and argued that without timely intervention, the country could face a chain reaction of economic challenges that would significantly worsen the cost of living for ordinary citizens.

“Within a space of just two weeks, we have had a spike in the price of petrol in our country. It is a spike and clearly, I am not an economist but the economists will tell you that not too long from now, we are going to have the spiral effect.

“You are going to have transport fares go up. You are going to have inflation go up. You are going to have cost of living crisis in our country and it will be exacerbated. It is going to get worse. It is going to happen and this is where leadership is called upon.”

He further stated that President John Dramani Mahama’s position on the ongoing Middle East tensions affirms the long-held view of former President Nana Addo Dankwa Akufo-Addo that external factors significantly impacted Ghana’s economy under his tenure.

He further urged government to consider a range of policy interventions, including fiscal and regulatory measures, to cushion the impact on citizens.

He noted that an emergency Cabinet meeting would provide an opportunity for key ministers and economic managers to assess the situation comprehensively and formulate coordinated responses.