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OPEC+ Boosts Oil Output as Markets Reel from US-Israel Strikes That Killed Iran’s Khamenei

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London / Accra – March 1, 2026 – OPEC+ has agreed to increase oil production by 206,000 barrels per day starting in April, a modest move aimed at calming volatile global oil markets following the dramatic escalation of the Israel-Iran conflict, including joint US-Israeli air strikes that killed Iran’s Supreme Leader Ayatollah Ali Khamenei and triggered widespread retaliatory missile barrages across the Gulf.

In its latest dispatch, the Financial Times reports that the decision—slightly above market expectations but far below levels needed to offset potential supply disruptions—was made amid fears that Iran’s threats to close the Strait of Hormuz could choke off 20% of the world’s seaborne oil trade.

With Khamenei confirmed dead by Iranian state television, the power vacuum in Tehran has intensified uncertainty, with no successor yet named and President Masoud Pezeshkian vowing “vengeance and revenge.”

The strikes and counter-strikes have already caused significant disruptions: shipping through the Strait of Hormuz has slowed to a near standstill as insurers warned of policy cancellations and premium surges; a Saudi Aramco-chartered tanker (MKD Vyom) suffered an explosion and flooding off Iran’s coast; and another vessel (Skylight) was hit, injuring four crew.

Major Japanese shipping lines halted Gulf passages, while CMA CGM suspended Suez Canal transits, diverting vessels around Africa’s Cape of Good Hope—adding weeks and millions in costs to global trade routes.

Oil prices have spiked amid the chaos, with analysts warning that even OPEC+’s additional barrels “serve little purpose if there are no serviceable sea lanes,” as noted by Helima Croft of RBC Capital Markets and Jorge Leon of Rystad Energy. Middle East stock markets plunged—Saudi Arabia’s TASI fell nearly 5% before partial recovery, Egypt’s EGX 30 dropped nearly 6%—while European gas contracts are expected to rise 25%+ due to LNG supply risks from Qatar and the UAE.

The conflict has extended beyond Iran and Israel: US bases in Iraq and the Gulf were targeted; ports in Dubai and Oman sustained damage; Bahrain’s navy base and airport were hit; and GPS jamming affected over 1,100 vessels, raising sanctions compliance concerns for banks and insurers.

For emerging markets like those in Africa—including Ghana—the fallout could be severe.

Higher oil and LNG prices would inflate import bills, push up fuel and electricity costs, fuel inflation, and pressure currencies already strained by global volatility. Shipping diversions via the Cape of Good Hope could raise freight rates for African exports and imports, while broader energy market instability risks derailing post-pandemic recovery in oil-importing nations.

OPEC+’s output increase is seen as symbolic rather than substantive in the face of geopolitical risk. As one Barclays strategist put it, investors may be “underpricing a scenario where containment fails.”

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Why Saudi Arabia Has Imposed Poultry Import Ban on Ghana and 39 Other Countries

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The Kingdom of Saudi Arabia has banned imports of poultry meat and table eggs from Ghana and 39 other countries as part of a major update to its food safety regulations, the Saudi Food and Drug Authority (SFDA) announced in late February 2026, with the measures taking effect in early March.

The decision, described as one of the most extensive in recent years, prohibits raw poultry products and table eggs from the listed nations to prevent the spread of animal diseases, particularly highly pathogenic avian influenza (HPAI), commonly known as bird flu. Saudi authorities explained that the ban is precautionary, aimed at protecting public health, reinforcing food safety in the domestic market, and ensuring the kingdom’s food security amid ongoing global epidemiological monitoring.

According to SFDA updates reviewed by local and international media, some restrictions date back to 2004, while others were added progressively based on risk assessments, international reports from bodies like the World Organisation for Animal Health (WOAH, formerly OIE), and confirmed outbreaks of HPAI and related viruses such as Newcastle disease. The authority conducts periodic reviews of the restricted list in line with evolving global health developments.

Full Ban on 40 Countries
The complete import prohibition applies to raw poultry and table eggs from the following 40 countries, including Ghana: Afghanistan, Azerbaijan, Germany, Indonesia, Iran, Bosnia and Herzegovina, Bulgaria, Bangladesh, Taiwan, Djibouti, South Africa, China, Iraq, Palestine, Vietnam, Cambodia, Kazakhstan, Cameroon, South Korea, North Korea, Laos, Libya, Myanmar, the United Kingdom, Egypt, Mexico, Mongolia, Nepal, Niger, Nigeria, India, Hong Kong, Japan, Burkina Faso, Sudan, Serbia, Slovenia, Ivory Coast (Côte d’Ivoire), and Montenegro.

Partial Restrictions on 16 Others
In addition, partial bans target specific provinces, states, or cities in 16 countries (including Australia, the United States, Italy, Belgium, Bhutan, Poland, Togo, Denmark, Romania, Zimbabwe, France, the Philippines, Canada, Malaysia, Austria, and the Democratic Republic of Congo), rather than nationwide prohibitions.

Exemptions and Compliance
The SFDA clarified that the ban does not apply to poultry meat and products that undergo sufficient heat treatment or other processing methods proven to eliminate avian influenza and Newcastle disease viruses. Such processed items may still be imported if they meet approved health requirements, certification standards, and specifications.

Impact on Ghana
Ghana’s inclusion on the list—alongside major economies like Germany, Japan, the UK, China, and India—highlights the non-discriminatory, risk-based nature of the SFDA’s approach. The Chamber of Agribusiness Ghana (CAG) responded by urging urgent action from government agencies, including the Food and Drugs Authority (FDA), Ghana Standards Authority (GSA), Veterinary Council, and Ministry of Food and Agriculture (MoFA), to strengthen regulatory infrastructure for animal health and food safety. CAG CEO Anthony Morrison noted that the ban underscores the need for world-class systems to maintain international market access and protect populations from preventable diseases.

This move aligns with Saudi Arabia’s broader strategy of continuous surveillance and adjustment to safeguard consumers, with no indication of targeted discrimination against any single nation.

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President Mahama Commissions New LPG Vessel MT Asharami Ghana to Enhance Ghana’s LPG Imports and Supply Reliability

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President John Dramani Mahama has officially commissioned the MT Asharami Ghana, a new liquefied petroleum gas (LPG) carrier, expressing strong optimism that the vessel will enhance the safe and efficient transportation of LPG to Ghana and support the growing needs of businesses, households and industries across the country and West Africa.

Speaking at the commissioning ceremony—where a commemorative plaque was unveiled honouring his leadership and dedication to nation-building and international cooperation, including with the Republic of Korea—President Mahama highlighted LPG’s expanding role in Ghana’s energy mix. Ghana currently imports about half of its LPG requirements to meet domestic demand.

“Ghana imports 50 percent of our LPG requirements and so this vessel, MT Asharami Ghana, will strengthen our collective ability to transport LPG safely, efficiently and at scale. In doing so, it will help ensure that businesses, industries and households can depend on modern energy services that support economic growth and improve the quality of life of our citizens,” he said.

Image: Government of Ghana

The President added that beyond Ghana’s borders, the vessel will contribute to improving access to cleaner and more reliable energy across the West African sub-region, supporting economic activity and enhancing quality of life for millions.

Vessel Capabilities and Expected Operations
The MT Asharami Ghana is a modern LPG carrier specifically designed to transport large volumes of liquefied petroleum gas safely across regional and international routes. Industry sources confirm the vessel features a storage capacity of several thousand cubic metres and is equipped with advanced safety systems and sophisticated cargo-handling technology.

These features will allow it to deliver LPG efficiently to coastal terminals throughout West Africa.

Benefits for Ghana
The commissioning arrives as LPG consumption in Ghana continues to climb, with national data showing annual usage between 350,000 and 400,000 tonnes.

Demand is rising steadily due to population growth, expanding industrial applications and government policies promoting LPG as a cleaner alternative to charcoal and firewood under the country’s energy transition and clean-cooking initiatives.

The new vessel is expected to deliver tangible gains including:

  • Greater reliability and efficiency in LPG supply chains
  • Reduced logistical bottlenecks in imports and distribution
  • Strengthened national energy security
  • Improved support for businesses, households and industries that rely on the fuel
  • Positioning Ghana as a strategic hub for LPG supply within the West African energy market

President Mahama commended the leadership of Sahara Group, West African Gas Limited and their partners for this forward-looking investment.

He described the project as a powerful example of how innovation, investment and collaboration can bridge infrastructure gaps and unlock sustainable economic opportunities across Africa.

Overview of MT Asharami Ghana

This modern LPG carrier has a capacity of several thousand cubic meters and is equipped with advanced safety and cargo-handling systems for efficient delivery to coastal terminals in West Africa.

The vessel is expected to enhance Ghana’s LPG supply chains, reduce import bottlenecks, and support the country’s growing demand (over 350,000–400,000 tonnes annually) as part of its clean energy transition policies.

Other LPG Carriers Serving Ghana and the Region

Ghana does not own LPG carriers directly through government entities like Ghana National Gas Company, which focuses on onshore infrastructure such as pipelines and processing plants.

Instead, LPG transportation relies on private fleets, with the Sahara Group’s WAGL fleet being prominent. This fleet has been expanding to meet West African demand, including Ghana’s imports (which cover about 50% of domestic needs).

The Sahara Group/WAGL LPG fleet includes at least the following vessels (built progressively since 2017, with capacities ranging from 23,000 to 40,000 cubic meters):

  • MT Africa Gas (commissioned 2017, serves West Africa, including deliveries to ports in the region).
  • MT Sahara Gas (commissioned 2017, similar regional operations).
  • MT BaruMK (or Barumk, commissioned around 2022, 23,000 cbm capacity, focused on West Africa).
  • MT Sapet (commissioned around 2022, named after Sahara and Petroci, serves Cote d’Ivoire and broader West Africa).
  • MT Iyaloja (Lagos) (commissioned August 2025, 40,000 cbm, expands capacity for West African deliveries).

MT Asharami Ghana is the latest addition (sixth in the fleet), specifically aimed at strengthening Ghana’s supply.

The entire fleet has delivered millions of tonnes of LPG across West Africa over the years, helping position Ghana as a regional hub.

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President Mahama’s Philadelphia Visit: Honorary Degree, Investment Talks, Ghana Goods Launch, and World Cup Warm-Up on the Horizon

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Ghana’s President John Dramani Mahama is set to make a high-profile four-stop visit to Philadelphia starting March 27, blending academic honours, diplomatic engagement, business promotion, and community outreach in what officials describe as a mission with “real stakes” for Ghana-US economic and cultural ties.

The visit kicks off with President Mahama receiving an honorary doctorate from Lincoln University — the historic HBCU where Ghana’s founding father, Osagyefo Dr. Kwame Nkrumah, studied in 1939. The ceremony underscores the deep historical connections between Ghana and African-American educational institutions that shaped Pan-African leaders.

Later that day, the President will be presented with the International Statesperson Award by the World Affairs Council of Philadelphia during an event at the Ritz-Carlton, recognizing his leadership in advancing democratic governance, regional stability, and sustainable development across West Africa.

A key business-focused highlight will be a community investment dialogue hosted at Temple University’s Mazur Hall. The open forum will allow Philadelphia-based investors, entrepreneurs, and diaspora members to engage directly with Ghanaian officials on opportunities through the Ghana Investment Promotion Centre (GIPC).

Topics are expected to include incentives in agriculture, renewable energy, digital infrastructure, manufacturing, and the creative economy — sectors the Mahama administration has prioritized for foreign direct investment.

The day culminates in Southwest Philadelphia with the grand opening of a Ghana pop-up store at Brown’s ShopRite on Island Avenue. The initiative will place Made-in-Ghana products — ranging from cocoa-based goods and shea butter cosmetics to fashion accessories and packaged foods — directly on American supermarket shelves, aiming to boost exports, create visibility for Ghanaian brands, and strengthen diaspora consumer links.

Adding a cultural and sporting dimension to the visit’s legacy, Ghana’s national football team, the Black Stars, is scheduled to face Croatia in an international friendly at Lincoln Financial Field on June 27, 2026 — three months after the presidential trip. The match is already generating excitement among Philadelphia’s large Ghanaian community and football fans across the region.

Ghanaian officials say the multi-faceted Philadelphia program is designed to deepen people-to-people, academic, economic, and sporting ties between the two nations at a time when Ghana is aggressively courting diaspora and foreign investment to support its post-pandemic recovery and industrialisation agenda.

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