The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has assured that the country has built the necessary buffers to withstand external threats to the economy, particularly from the ongoing Iran-Israel war 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 this disclosure at the Ghana Association of Banks’ Industry Thought Leadership programme, themed “Banking the Last Mile: An Industry-Led Strategy for Accelerating Digital Finance.”
Monitoring the Situation
Dr. Asiama said the Bank of Ghana is closely monitoring the situation and its potential impact.
“I wish to assure the public that Ghana’s macroeconomic buffers are stronger today than they have been in recent years,” he reiterated.
He also announced that Ghana is actively engaging with international partners to remain responsive to any external shocks.
He added, “The Bank stands ready to take prudent and pre-emptive measures to preserve Ghana’s economic stability and protect the progress we’ve made.”
Middle East Tension and Ghana
The Chief Executive of the Ghana Chamber of Oil Marketing Companies, Dr. Riverson Oppong, last week told JOYBUSINESS that oil prices could start rising from July 1, 2025, if crude oil prices on the international market continue to increase due to the Iran-Israel war.
This could end the consistent decline in prices of petroleum products at the pumps, which began in February 2025.
As of June 16, oil prices have started falling—from about US$78 earlier in the week to approximately US$74 a barrel.
President John Mahama has recently directed the Ministers of Finance and Energy to quickly implement measures to mitigate the expected shocks to Ghana’s economy.
“Despite the work we have done in stabilising the economy, Ghana is not immune from the shocks of global events,” he said.
JOYBUSINESS understands that some of the measures could be announced before the Mid-Year Budget Review. Sources close to government say several options are currently being considered.
