- Ghanaian traders in Israel fear freight cost hikes due to the Israel-Iran conflict
- Volatile shipping routes are making trade planning difficult
- Global oil prices have already risen by 3% following U.S. strikes in Iran
Some Ghanaian businesses operating in Israel have raised concerns about a potential spike in freight costs as tensions escalate between Israel and Iran. The ongoing conflict is expected to disrupt shipping routes, significantly affecting the cost and reliability of import and export operations.
Speaking to Joy Business, President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, said members are increasingly anxious about the impact of the conflict on logistics and shipping expenses.
He noted that freight rates in the region are already showing signs of volatility, making it difficult for businesses to plan or budget effectively.
“Our main concern is the rising cost of freight and expected delays in the delivery of goods, as many shipping lines may be forced to reroute. If the Strait of Hormuz is closed, the situation could worsen,” Dr. Obeng cautioned.
Since markets reopened following reports of U.S. airstrikes on three Iranian nuclear sites, global oil prices have jumped by 3%, further raising fears of a broader economic impact.
Dr. Obeng appealed to global leaders and the United Nations to take urgent action to prevent further escalation.
“A large volume of essential cargo moves through this corridor. We are urging the international community—especially the UN and the United States—to push for a ceasefire and prioritize a diplomatic solution,” he added.
In a related development, the Government of Ghana is reportedly considering suspending the Price Stabilization and Recovery Levy to help cushion consumers against any potential spike in global oil prices if the conflict intensifies.
