The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has assured Ghanaians that the country is well-positioned to withstand potential external economic threats, particularly those arising from ongoing geopolitical tensions in the Middle East.
Speaking at the Ghana Association of Banks' Industry Thought Leadership Programme, themed “Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance”, Dr. Asiama emphasized that Ghana's current macroeconomic position is resilient.
“Ghana’s foreign reserves, the improving inflation outlook, and continued fiscal consolidation efforts provide a solid cushion for the economy,” he stated.
He noted that the Bank of Ghana is closely monitoring the evolving global situation—especially the conflict between Iran and Israel—and its potential implications for the domestic economy. “Let me assure the public that Ghana’s macroeconomic buffers are stronger today than they have been in recent years,” Dr. Asiama reiterated.
He also disclosed that Ghana is actively engaging with international partners to ensure swift and effective responses to any external shocks that may arise.
“The Bank remains prepared to implement prudent and preemptive measures to safeguard the country’s economic stability and protect the progress we have made,” he affirmed.
Impact of Middle East Tensions on Oil Prices
Meanwhile, Dr. Riverson Oppong, Chief Executive of the Ghana Chamber of Oil Marketing Companies, has warned that local fuel prices may begin to rise from July 1, 2025, if global crude oil prices continue their upward trend due to the escalating conflict in the Middle East.
He told JOYBUSINESS that developments in the Iran-Israel war are being closely watched, as they could significantly impact the cost of petroleum products on the Ghanaian market.
Story By: Afia Ohenewaa Akyerem