Israel-Iran Conflict: US involvement could lead to severe economic strain - Joe Jackson

Renowned financial analyst Joe Jackson has issued a strong warning that the US military action against Iran could have disastrous consequences for Ghana’s fragile economy.

Speaking in an interview on TV3, Jackson cautioned that any such escalation would “devastatingly” impact various sectors of the country’s economy since Ghana is a fuel-dependent economy.

“Ghana has always been vulnerable to oil price rises. If the US gets involved, it could have a devastating effect… we should fasten our belts for a tough time… Oil prices, fuel prices, transportation and food, cedi exchange rate, electricity costs, remittances, everything could take a hit,” he warned.

He also advocated for proactive domestic measures: saving money, negotiating fuel price controls with unions, and enacting regulatory interventions to cushion everyday Ghanaians.

“We have to look at things that we can do to cushion the worst effects for the common man. We should save money in other areas. We should be negotiating with the unions for a regulation of prices,” he added.

Joe Jackson’s remarks came just before US President Donald Trump formally confirmed that American forces had targeted three Iranian nuclear sites. Trump hailed the operation as a “spectacular success,” noting that all US aircraft had safely exited Iranian airspace

Economic analysts now fear a ripple effect from the military action. A sharp rise in oil prices could place enormous strain on Ghana’s import-dependent fuel supply and drive up costs of essentials across the board.

ID/EB