Chief Executive Officer (CEO) of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo, has lauded the government’s Economic Management Team (EMT) for its prudent management of the Ghana cedi.
He says although fuel prices are hiking on the back of the ongoing tensions in the Middle East, the situation would have been worse, if not for the recent stability of the local currency.
According to him, the exchange rate is a major determinant of fuel prices, and a poor performance of the currency would have hiked the cost, the reason he is applauding the economic handlers for sustaining balance.
Speaking on the BigIssue segment on the NewDay morning show on Monday, March 16, 2026, he said fuel prices could have surpassed GHC20 per litre if the strength of the cedi was as weak as it used to.
“Today, crude is doing about 99 dollars. Before the conflict, crude was doing 66 dollars and so that’s 30 dollars or more that has added unto the situation before the conflict. But thankfully, the one that significantly impact on pricing which is the exchange rate, by reason of the current managers of the economy and what they’ve been able to do, it has kept the currency a bit more stable for the purposes of planning.
“So if the Ghana cedi today were to be trading at 15 cedis to a dollar, the price of petroleum product would have been about GHC23 per dollar. But because the current managers of the economy have been able to manage the stability of the Ghana cedi for the past 13 months or more, it has anchored the pressure that this current conflict would have [brought]. And that’s what makes it a bit more different from how the situation was in the past,” he stated.
The recent conflict between the US, Israel, and Iran started on February 28, 2026, when Israel and the US launched surprise airstrikes on multiple sites and cities across Iran, killing Supreme Leader Ali Khamenei and numerous other Iranian officials.
This operation was code-named Operation Roaring Lion by Israel and Operation Epic Fury by the US. The strikes were reportedly in response to Iran’s alleged revival of efforts to build nuclear weapons.
In retaliation, Iran launched missile and drone strikes against Israel, US bases, and US-allied countries in the region, including the UAE, Saudi Arabia, and Bahrain.
The conflict has resulted in significant casualties, displacement, and economic disruption, including a surge in oil prices due to the closure of the Strait of Hormuz where 20% of the crude consumed globally is transported.
