Kofi Ahovi

Jibran Qureishi, Head, Africa Regions Economics Research, Standard Bank Ghana faces mounting external headwinds from elevated oil prices and surging shipping costs triggered by Middle East geopolitical tensions. Standard Bank has sharply revised downward its current account surplus projection for 2026, slashing the forecast by approximately $1 billion, primarily driven by soaring petroleum import costs. The revisions underscore the vulnerability of Africa's largest gold producer to global energy market shocks. As a net oil importer, Ghana faces significant headwinds from elevated energy prices. At an oil price of $65 per barrel, petroleum imports account for approximately 29% of total goods imports, a proportion that rises sharply at higher price levels like $90-95 per barrel. Standard Bank analyst Jibran Qureishi spoke about the impact of the crisis. He said, “We still import a lot more oil than we export. This has prompted us to re-look at our current account surplus position. W...

  Global conflicts and supply chain disruptions could soon affect Ghana’s manufacturing sector if tensions persist, President of the Association of Ghana Industries (AGI), Seth Twum Akwaboah, has warned. Speaking on Joy News’  PM Express  on Wednesday, he said factories in Ghana may not immediately feel the effects of global disruptions because of the typical production cycle used by most manufacturers. “Normally, companies talk, and for typical manufacturing, there’s a cycle of at least three months to a six-month cycle.” He explained that companies usually secure inputs and process goods over several months before they reach the market. Because of this cycle, the impact of disruptions is not immediately visible, he said. “During that period, if there are major disruptions, it may not affect you much, because we have bought the goods at a particular price.” “We have stopped them at a particular cost and processing them at a particular so you wouldn’t see the disruptions ...