President Mahama has asked the Ministers of Energy and Finance to prepare measures to protect the recent gains made in reducing petroleum product prices, as escalating hostilities between Israel and Iran have started driving up crude oil prices.

Speaking during his Thank You Tour of the Savannah Region, President Mahama acknowledged Ghana’s recent progress in stabilizing the economy but warned of the potential impact of international events.

“Despite the work we have done in stabilizing the economy, Ghana is not immune from the shocks of global events,” he said.

He explained that the latest exchange of missiles between Israel and Iran has led to a sharp rise in crude oil prices, threatening to undo recent progress in reducing the cost of petroleum products in Ghana.

“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.

Turning to local development issues, the President announced that work on the long-awaited Damongo Water Supply System will begin soon, bringing much-needed relief to residents of the area.

“Access to clean water is not a luxury, it is a basic right,” President Mahama said.

He confirmed that the European Union has offered funding for the project and that all necessary designs have been completed.

“The Damango water supply system, which has been delayed for far too long, will come onstream. We have all the designs ready and have been offered funding by the European Union to execute the project,” he stated.

The project will source water from the White Volta at Yape and supply Damongo and surrounding communities.

“It will serve the 8,000 residents of Damongo and all communities along the water pipeline will also receive clean drinking water,” he said.