Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), says the central bank is closely watching the Iran-Israel conflict and its potential effects on global markets. These include energy prices, supply chains, and investor confidence.
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Speaking at the Ghana Association of Banks’ Industry Thought Leadership Forum in Accra on Tuesday, June 17, Dr. Asiama stressed that while risks remain, Ghana’s macroeconomic buffers are stronger today than in recent years.
“Our foreign reserves, falling inflation, and fiscal reforms provide a solid cushion,” he said. “We are ready to act pre-emptively to protect our economy.”
The BoG, he added, remains in close contact with international partners to respond swiftly to any external shocks. He also acknowledged growing public concerns over the conflict’s ripple effects.
“While we monitor developments in the Middle East, we assure Ghanaians that we are in a better position now to absorb shocks,” Dr. Asiama said.
Mahama Urges Caution Over Oil Prices
In a related statement, President John Dramani Mahama has asked the Finance and Energy Ministers to monitor the situation and prepare to manage rising fuel prices.
During his Thank You Tour in the Savannah Region on June 14, President Mahama noted that recent missile exchanges between Iran and Israel have pushed up crude oil prices.
“Ghana is not immune to global shocks,” he warned. “The gains we’ve made in reducing petroleum prices could be at risk.”
He directed ministers to model the potential impact and propose measures to protect the economy from another fuel price surge.
