The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has given firm assurances that Ghana has built robust economic buffers to withstand external shocks, particularly those stemming from the ongoing Iran-Israel conflict in the Middle East.
According to Dr. Asiama, “Ghana’s foreign reserve position, inflation trajectory, and fiscal adjustment efforts provide a solid cushion for the country now”.
He made these remarks at the Ghana Association of Banks Industry Thought Leadership programme under the theme, “Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance”.
Dr. Asiama highlighted that the Bank of Ghana is keeping a close eye on the evolving situation and any potential economic implications. “I wish to assure the public that Ghana’s macroeconomic buffers are stronger today than they have been in recent years,” he reiterated.
He further revealed that Ghana is in active talks with its international partners to stay proactive against any disruptions. He added that “the Bank stands ready to take prudent and pre-emptive measures to preserve Ghana’s Economic Stability and protect the progress that made”.
In a related development, the Chief Executive of the Ghana Chamber of Oil Marketing Companies, Dr. Riverson Oppong, indicated that oil prices may begin to rise from July 1, 2025, if global crude oil prices continue on an upward trend due to the conflict in the Middle East. This could potentially halt the continuous drop in fuel prices at the pumps, which has been ongoing since February 2025.
Recent market trends show that since June 16, oil prices have dipped from US$78 to roughly US$74 per barrel.
Meanwhile, President John Mahama has tasked the Finance and Energy Ministers to swiftly implement measures to safeguard the Ghanaian economy. “Despite the work we have done in stabilizing the economy, Ghana is not immune from the shocks of global events,” he said.
