The Ghana Union of Traders' Associations (GUTA) has raised alarm over the escalating conflict in the Middle East, warning that the situation could have serious consequences for global trade and businesses in developing countries, including Ghana.

In a press statement signed by its President, Clement Boateng, the association said the growing hostilities in the region are already beginning to disrupt global oil supplies and could lead to higher fuel prices and increased costs of doing business.

GUTA noted that the ongoing confrontation involving the United States, Israel, and Iran has resulted in retaliatory attacks and disruptions to key oil facilities and shipping routes.

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“The attack by the US and Israel on Iran, which has also resulted in retaliatory attacks on Israel and American military bases in the Gulf Region by Iran, leading to serious disruptions of major oil refineries and blockade of passage for shipment of oil from the Middle East, is a matter of great concern,” the statement said.

According to the association, the conflict has already begun to affect global energy markets, with oil and gas prices rising since the start of the war.

“Since the start of the war, prices of oil and gas have started increasing. This will also affect the cost of shipment and impact on every sphere of economic activity, of which Ghana is no exception,” the statement added.

GUTA is therefore calling on the international community to urgently step in to de-escalate the situation and restore peace to the region.

“It is therefore our prayer that the international community intervenes, as a matter of urgency, to broker peace and bring relief to humanity and the global business community at large,” the association said.

The traders’ group also appealed to the government to take precautionary measures by ensuring that adequate fuel reserves are maintained in the country in case the conflict drags on.

“We also urge the government to try and put measures in place to store enough fuel at any point in time, so that in the event the war is extended, the state would not be found wanting,” the statement noted.

GUTA further warned that prolonged instability in the region could severely affect businesses.

“We are afraid that if no immediate solution is found, its effect on businesses will be overwhelming,” the Union cautioned.

The association also advised traders and members of the business community to avoid travelling to areas affected by the conflict until the situation stabilises.

“GUTA would also like to take this opportunity to advise its members and the business community in general to exercise restraint and refrain from travelling to these conflict areas until the war is brought to an end completely,” the statement added.

NA/MA