The Ghana Union of Traders’ Associations (GUTA) has expressed deep concern over the escalating conflict in the Middle East, warning that the crisis could have severe repercussions for the global economy, particularly for developing countries such as Ghana.

In a press statement on Monday, March 9, GUTA highlighted that the recent military actions by the United States and Israel against Iran, followed by retaliatory attacks on Israeli and American bases in the Gulf region by Iran, have caused significant disruptions to major oil refineries and impeded the passage of oil shipments from the Middle East.

GUTA noted that these developments have already led to rising oil and gas prices, which are expected to increase the cost of shipping and impact economic activity across multiple sectors.

“The effect on businesses will be overwhelming if immediate solutions are not found,” the statement warned.

GUTA urged the international community to intervene urgently to broker peace, restore stability, and provide relief to both humanity and the global business community.

The union also called on the Ghanaian government to implement measures to ensure sufficient fuel reserves are available to prevent shortages in the event that the conflict is prolonged.

GUTA further advised its members and the wider business community to exercise caution and refrain from travelling to conflict zones until hostilities have fully ceased.

"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 concluded.