By James Morgan
Ghana like all countries in the world is expected to experience the very severe consequences of the political crisis in North Africa and the Middle East.
The most notable consequence is the steep rise in the spot market price of crude oil which will substantially slow down the global economic recovery.
As we went to bed, the spot market price of Brent crude had jumped from about US$95 to a whooping US$125 per barrel.
The price is expected to rise again and again and an all time high of US$200 per barrel is being predicted by some analysts.
Pro-democracy activists in Saudi Arabia have announced March 13, 2011 as a “Day of Rage” on which mass protests for political reforms will be staged in the country.
If the protests begin that will push crude oil prices up again and compel Governments around the world to increase the ex-pump prices of petroleum products.
The crises have already hit Libya, Algeria, Tunisia and Bahrain.
Another dimension of the crisis is the return of migrant workers to their countries of origin.
This would reduce foreign remittances and force Governments to set aside resources for the return, reintegration and rehabilitation of the migrant workers.
As at last week, the Government of Ghana had only managed to facilitate the return of about 200 Ghanaians resident in Libya.
It is estimated that there are between 5,000 and 10,000 Ghanaians in Libya alone.
About 10 Ghanaians have allegedly been killed in the inferno that has engulfed Libya.
The uprisings are also posing a political challenge to all Governments because as example they point to the possibilities open to “peoples power” for the resolution of internal political and economic crisis.
Many young people across the globe are dreaming of replicating the developments in North Africa and the Middle East.
If for nothing at all, it brings instant gratification and global attention.
The radicalisation of young people by the uprisings is a source of concern for the political establishment around the world.
Source: The Insight Newspaper: