The Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama has assured that the country has built the needed buffers to withstand external threats to the economy, particularly from the 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 disclosed this 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 the country’s international partners to remain responsive to any external shocks.

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”.

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 going up from July 1, 2025 if crude oil prices on the international market continue to rise as a result of the Israel Iran war.

This could bring to an end, the consistent decline in prices of petroleum products at the pumps since February 2025.

Since June 16, prices of oil have started declining from US$78 this week to about US$74 a barrel.

President John Mahama recently directed Finance and Energy Ministers to quickly put in place measures to mitigate the expected shocks to 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.

JOYBUSINESS understand that some of the measures could be announced before the Mid-Year Budget review.

Sources close to government have told JOYBUINESS that several options are on the table.