Russia-Ukraine And US-Iran Wars: Mahama Trapped By His Own Words

President John Dramani Mahama is facing renewed scrutiny over comments he made while in opposition, during Ghana’s economic crisis between 2022 and 2023, following recent remarks in which he warned that geopolitical tensions in the Middle East could negatively impact African economies, including Ghana.

The President’s latest caution about global shocks affecting Ghana’s economy appears to contradict his earlier position that international conflicts had little or no effect on the country’s economic fortunes.

Those earlier remarks were made when he strongly dismissed the then government’s explanation that the global crises caused by the Russian invasion of Ukraine and the COVID-19 pandemic contributed significantly to Ghana’s economic downturn.

The debate has resurfaced after President John Mahama, during a visit to Tanzania earlier this month, warned that escalating military tensions in the Middle East could trigger economic shocks across Africa, through rising oil prices and global market instability.

Earlier Rejection of Global Factors

During the height of Ghana’s economic challenges in 2022 and 2023, the then opposition leader, John Dramani Mahama, repeatedly rejected the claim by the government of former President Nana Addo Dankwa Akufo-Addo that global events such as the Russia-Ukraine war were major contributors to Ghana’s economic woes.

Delivering the 2022 State of the Nation Address on March 30, 2022, the then President Akufo-Addo stated that the conflict between Russia and Ukraine was already having adverse consequences on Ghana’s economy, which had earlier been weakened by the COVID-19 pandemic.

He explained that the war had disrupted global supply chains and caused a sharp increase in the prices of petroleum products, fertiliser, wheat and metal products that Ghana imports in large quantities.

According to the President at the time, about 30 per cent of Ghana’s wheat flour and fertiliser imports came from Russia, while 60 per cent of iron rods and metal sheets used in construction were imported from Ukraine. He also noted that nearly 20 per cent of Ghana’s manganese exports were shipped to Ukraine.

The war, which began in February 2022, had triggered global energy and commodity price hikes, pushing fuel prices in Ghana to between GH¢9 and GH¢11 per litre at the time.

But John Mahama strongly rejected the explanation that the war was a major cause of Ghana’s economic crisis.

Speaking during a programme dubbed “Ghana at a Crossroads” on May 2, 2022 he argued that the economic hardship facing Ghanaians had started long before the outbreak of the conflict in Eastern Europe.

“The Russian-Ukrainian conflict cannot possibly be responsible for the suffering Ghanaians are going through,” he stated.

“The suffering predates the war. Before this conflict, our currency had been depreciating and it was already impacting negatively on fuel and commodity prices in our markets. Fuel prices had gone up on more than forty different occasions since 2017 before the conflict started.”

Earlier, on March 28, 2022 while interacting with executives of the United States chapter of the National Democratic Congress (NDC) in Boston, President Mahama also accused the Akufo-Addo government of deceiving Ghanaians about the true causes of the country’s economic challenges.

He described the government’s claim that COVID-19 and the Russia-Ukraine conflict were responsible for the crisis as a “bloody lie.”

“So there has always been a hole in the budget. If they tell you that COVID and Ukraine have brought us to this situation, it is a bloody lie,” he said at the time.

President Mahama reiterated similar sentiments on March 14, 2023 during engagements with party delegates at Asutifi North in the Ahafo Region.

“If Ukraine and Russia are fighting, how does it concern us? We are minding our business. Travelling from Accra to Ukraine is about 7,000 kilometres before you reach there. So if they are fighting, how does it affect our economy?” he asked.

New Warning on Middle East Conflict

However, in what many describe as a dramatic shift in tone, President Mahama recently warned that rising geopolitical tensions in the Middle East could severely affect African economies.

According to a report by Graphic Online, the President made the remarks on March 2, 2026 during a meeting with his Tanzanian counterpart, Samia Suluhu Hassan, in the city of Arusha.

During the meeting, President Mahama cautioned that escalating military confrontations involving Iran, Israel and the United States could destabilise global energy markets and create economic shocks across the African continent.

“We are watching the geopolitical events with alarm. A few days ago we witnessed attacks on Iran by the US and Israel and counter-attacks by Iran on Gulf countries, creating a new geopolitical situation.

“We know these shocks will come. But when they come, we must prepare ourselves to make sure our people are protected because that region is the epicentre of global oil supplies.”

Also, according to a news story on Agence de Presse Africiane, Mahama further noted that Ghana’s heavy reliance on imported crude oil and refined petroleum products makes the country highly vulnerable to fluctuations in global oil prices.

According to him, any sustained increase in crude oil prices would immediately translate into higher fuel costs, transport fares and food prices, ultimately affecting the general cost of living in Ghana.

Strategic Oil Routes and Economic Risks

The President also highlighted the strategic importance of the Strait of Hormuz, one of the world’s most critical oil shipping corridors.

He warned that any disruption to the shipping route, through which roughly 20 per cent of the world’s oil supply passes daily, could trigger a dramatic spike in global oil prices.

Such an event, he noted, could undermine Ghana’s ongoing efforts to stabilise inflation and strengthen the national currency following the country’s recent debt restructuring programme.

Mahama added that instability in the Middle East could have wide economic consequences for African countries that depend heavily on imported fuel.

Escalating Tensions in the Region

The President’s comments come against the backdrop of escalating conflict in the Middle East involving Iran, Israel and the United States.

Reports indicate that Iran’s Supreme Leader, Ayatollah Ali Khamenei, was recently killed alongside several members of his security detail during joint US-Israel strikes.

In retaliation, Iran launched waves of missile and drone attacks targeting US military bases in several countries, including the United Arab Emirates, Saudi Arabia, Kuwait, Bahrain and Iraq.

Iran has also announced the closure of the Strait of Hormuz, raising fears of severe disruptions to global oil supply.

International media reports indicate that global gas prices have already surged while stock market indices have tumbled amid fears that the escalating conflict could destabilise energy markets.

 

 

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