The easing of military tensions in the Persian Gulf has yet to translate into lower import costs for Ghana, as shipping companies and insurers continue to impose elevated freight charges on cargo passing through the Strait of Hormuz.
Importers are still paying more for petroleum products, industrial chemicals, plastics, construction materials, edible oils and other consumer goods because freight markets have not fully recovered from the disruption caused by the conflict.
According to shipping industry observers, although hostilities have subsided, shipping operators continue to factor security risks into freight pricing through higher war-risk insurance premiums, fuel surcharges and congestion fees.
The Ghana Shippers’ Authority had warned importers at the onset of the crisis to prepare for increased shipping costs and longer delivery times, with many of those additional charges still reflected in freight quotations today.
Petroleum imports remain particularly affected. While global crude oil prices have fallen from their conflict highs, tanker operators continue to charge higher freight rates due to ongoing security measures, convoy requirements and expensive insurance cover for vessels using the Strait of Hormuz.
International shipping experts say freight markets typically recover more slowly than geopolitical events. Vessel backlogs, stranded cargo, container shortages and long-term freight contracts often keep transport costs elevated for months after conflicts end.
Analysts expect petroleum shipping costs to gradually ease over the next two to four months if regional stability is maintained. However, containerised cargo and industrial imports could take much longer to return to normal pricing because supply chain bottlenecks remain unresolved.
Businesses therefore expect import costs to stay above pre-crisis levels for the foreseeable future, with consumers likely to continue feeling the effects through higher prices for imported goods across several sectors of the economy.
By: Toma Imirhe / businesspostonline
