On February 28, 2026 the United States and Israel launched a major military assault on Iran, targeting Tehran while negotiations were ongoing under Qatar’s mediation. The attack, which reportedly killed Iranian Supreme Leader Ayatollah Ali Khamenei and several senior leaders, underscores the extraordinary coordination between Washington and Jerusalem and highlights the enduring influence of the United States in global geopolitics.
President Donald Trump declared that the U.S.-led operation aimed to dismantle Iran’s nuclear and missile programs, degrade its navy, and reshape its leadership. Following the strikes, U.S. and Israeli officials confirmed plans for sustained operations, with Defense Secretary Pete Hegseth and Joint Chiefs Chairman Gen. Dan Caine announcing troop reinforcements to the Middle East. Tehran has vowed to continue fighting, striking at Gulf nations and signaling readiness for prolonged conflict. The situation has already disrupted oil markets, destabilised the region and raised fears of a larger war with wide-ranging global implications.
The consequences extend far beyond the Middle East. Ghana, as part of the global economic ecosystem, faces immediate exposure to oil price shocks, commodity volatility, and potential disruptions in energy and food supply chains. Our domestic crude production, primarily refined at the Tema Oil Refinery (TOR), has fallen dramatically from a peak of 71.4 million barrels in 2019 to an estimated 36 million barrels in 2025. While TOR has resumed operations, it is running at a reduced 28,000 barrels per day, well below its 45,000 bpd capacity. Though private refineries such as Sentuo Oil have added some capacity, Ghana remains heavily dependent on imports to meet domestic fuel demand.
This vulnerability highlights a broader structural challenge that the country cannot ignore. As The Chronicle reported in a recent story under the headline “Ghana’s Economy Remains Neocolonial,” Prof. Baffour Agyeman-Duah, former UN governance adviser and CEO of the John A. Kufuor Foundation, warned that despite recent macroeconomic stability, Ghana’s economy remains structurally neocolonial and highly exposed to external shocks. Our reliance on commodity exports whose prices are set on global markets leaves us at the mercy of forces beyond our control.
Prof. Agyeman-Duah cautioned that while short-term macroeconomic improvements are welcome, the real test lies in sustainability. The “Ghana Beyond Aid” agenda, while commendable, requires deep structural policies aimed at self-reliance. This includes deliberate interventions in agriculture to reduce dependence on imported food, particularly staple crops like tomatoes, which are often sourced from neighboring countries despite fertile land at home. Similarly, an aggressive industrial policy is needed to ensure local production of goods where foreign exchange outflows are high.
The ongoing Iran conflict offers a stark reminder of why structural self-reliance matters. Geopolitical events thousands of miles away can immediately disrupt energy, commodity, and security conditions at home. Ghana must, therefore, act decisively to reduce vulnerability through strategic policy, infrastructure investment, and industrial diversification.
The Chronicle believes it is time for Ghana to embed sustainable, structural reforms into national policy. Our focus must shift from populist promises to measurable outputs that enhance domestic production, strengthen supply chains, and safeguard national resilience against global shocks. From energy to food security, the country must build systems capable of withstanding external turbulence while sustaining long-term development.
Ghana’s journey toward self-reliance will not be simple, but the imperative is clear. As the world witnesses the fallout of conflicts like the U.S.-Israeli strikes on Iran, it becomes evident that dependence on external systems leaves nations vulnerable. For Ghana, the time has come to translate policy vision into structural action, securing economic sovereignty for generations to come.
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