The Governor of the Bank of Ghana (BoG), and Chairman of the Monetary Policy Committee Dr. Johnson Asiama, says while Ghana’s domestic economy continues to show strong signs of recovery and stability, ongoing tensions in the Middle East remain a significant external risk to the country’s economic outlook.

Speaking after the Monetary Policy Committee of the BoG maintained the policy rate at 14 percent, Dr. Asiama warned that escalating geopolitical tensions could affect global commodity prices and create fresh inflationary pressures for economies around the world.

“The crisis in the Middle East remains one of the key external risks to the global economy and could have implications for commodity prices, inflation and financial market conditions,” he stated.

Despite the uncertainty, the Governor said Ghana’s domestic economic performance continues to improve steadily.

“On the domestic front, the economy is performing strongly. We are seeing improving macroeconomic conditions, easing inflationary pressures, relative exchange rate stability and stronger reserve accumulation,” he said.

Dr. Asiama noted that recent policy measures by the central bank and government are beginning to yield positive results across key sectors of the economy.

“The coordinated monetary and fiscal policy measures are helping to restore confidence in the economy and support the recovery process,” he added.

The Governor also assured businesses and investors that the central bank remains committed to safeguarding macroeconomic stability and protecting recent gains.

“We remain committed to maintaining price stability and ensuring that Ghana does not return to the era of sustained currency depreciation and macroeconomic instability,” Dr. Asiama stressed.

The Monetary Policy Committee earlier announced that it had maintained the policy rate at 14 percent, citing continued improvement in inflation and overall economic conditions.