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July 23, 2026
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Oil tops $100 a barrel as Red Sea attacks fuel supply fears
Money
Policy
Growth
Key Points
- Global oil prices surged, with Brent crude exceeding $100 a barrel, following attacks on Saudi oil tankers in the Red Sea.
- Iran-backed Houthi rebels claimed responsibility for the attacks, escalating fears of conflict expansion beyond the Strait of Hormuz.
- The Bab el-Mandeb Strait, a vital shipping route for 12-15% of global trade and millions of barrels of crude oil daily, is now threatened.
- Oil prices have risen sharply (35% this month, 60% this year), leading to higher fuel prices and renewed inflation concerns globally.
- The escalation highlights significant risks to global energy supplies and the stability of key maritime trade routes.
Why This Matters
As a net importer of refined petroleum products, Ghana will face increased fuel costs, leading to higher transport fares and general inflation. This surge in global oil prices will put additional strain on Ghana's foreign exchange reserves and potentially hinder economic stability and growth by increasing the cost of doing business and living.
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July 24, 2026
Glasgow 2026: Abeku Jackson breaks national record, makes reserves list for semis in 50m backstroke
- Ghanaian swimmer Abeku Jackson broke the national record in the men's 50m backstroke at the 2026 Commonwealth Games, clocking 26.48 seconds.
- Jackson's performance surpassed his previous personal best and the national record held by Jason Arthur, earning him a reserve spot in the semi-finals.
- Nubia Adjei competed in the women's 50m butterfly heats, finishing 8th with a time of 30.02 seconds, which was slower than her personal best.
- Ivan Snowden is scheduled to compete in the men's 50m freestyle heats for Ghana.
- Ghana's swimming team will also participate in the mixed 4x100m freestyle relay.
July 24, 2026
Youth unemployment now a national security threat — Economic Fighters League
- The Economic Fighters League (EFL) advocates for Ghana to transition from a 'procurement economy' to an investment-driven development model.
- The group highlights Ghana's severe youth unemployment crisis, with 32% among 15-24 year olds and 22.5% among 15-35 year olds, despite a large youthful population.
- It criticizes the current procurement system for fostering corruption through inflated contracts and kickbacks, diverting resources from job-creating investments.
- The EFL proposes increased public investment in sectors like affordable housing, agriculture, healthcare, education, and sanitation to simultaneously create jobs and address national development needs.
- The league calls for a fundamental reorientation of public policy, prioritizing long-term national development and human capital over short-term political and financial interests.
July 24, 2026
25 Ghanaians claim asylum in Canada after World Cup 2026
- Twenty-five Ghanaians who traveled to Canada for the FIFA World Cup 2026 have applied for asylum, according to Canadian immigration authorities.
- These claims are part of 175 asylum applications made by foreign visitors who received temporary residence approval linked to the World Cup.
- Canada approved 26,111 FIFA World Cup-related temporary residence applications, with 175 subsequently filing asylum claims by July 20, 2026.
- Ghana, alongside China, recorded the highest number of asylum claims among the countries listed, with 25 applications each.
- This incident echoes a similar situation in 2014 when approximately 200 Ghanaians sought asylum after the World Cup in Brazil.