The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has assured Ghanaians that the country is well-prepared to absorb external economic shocks—particularly those stemming from the ongoing Iran-Israel conflict in the Middle East.
Speaking 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 Ghana’s improved foreign reserves, declining inflation, and ongoing fiscal adjustments as critical buffers.
“Ghana’s foreign reserve position, inflation trajectory, and fiscal efforts have placed the economy on a more resilient footing,” he stated.
Active Monitoring and International Engagement
Dr. Asiama noted that the BoG is keeping a close watch on global developments and stands ready to respond if necessary.
“I want to reassure the public that Ghana’s macroeconomic buffers are now stronger than they’ve been in recent years,” he said, adding that the country is also working closely with international partners to remain responsive to any external threats.
He emphasized the Bank’s readiness to implement proactive and prudent measures to protect Ghana’s economic progress and stability.
Impact of Middle East Tensions
Meanwhile, Dr. Riverson Oppong, CEO of the Ghana Chamber of Oil Marketing Companies, recently warned that oil prices in Ghana could begin to rise from July 1, 2025, if international crude prices continue climbing due to the Iran-Israel conflict.
This could end the steady decline in pump prices, which began in February 2025.
However, as of June 16, global oil prices have slightly declined—from around $78 to approximately $74 per barrel.
President John Mahama has directed the Ministries of Finance and Energy to implement immediate measures to cushion the economy against potential shocks.
“While we’ve worked hard to stabilize the economy, Ghana remains vulnerable to external global events,” the President noted.
