Audio By Carbonatix
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.
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.
Latest Stories
-
Teacher unions to meet government Monday over nationwide strike
15 minutes -
Photo story: Republic Bank-JoyNews Habitat Fair clinic wraps up after three days of housing solutions, expert engagement
18 minutes -
National Peace Council urges investment in youth to sustain Ghana’s peace
40 minutes -
Afenyo-Markin urges youth to speak up against injustice
51 minutes -
CAF annuls Edo Queens victory, orders WAFU B final to resume from extra time
1 hour -
Interior Minister urges traditional authorities to enforce anti-bushfire bye-laws
1 hour -
3rd Republic Bank-JoyNews Habitat Fair Clinic ends on a high note after three days of strong patronage
1 hour -
Ten climbers missing after avalanche hits Himalayan base camp
2 hours -
NPP had more permanent fuel relief measures than current GH¢2 diesel cut – Amin Adam
2 hours -
Photos from the 3rd Republic Bank-JoyNews Habitat Fair Clinic
2 hours -
Ethiopia’s army promises restraint amid fears of new civil war
2 hours -
Amin Adam calls for review of fuel taxes as diesel prices remain above GH¢18
3 hours -
World Vision Ghana, Ahafo districts sign MoU for universal WASH coverage
4 hours -
When the gold engine stutters: What Ghana’s Cedi and reserves are telling us about the new economic architecture
4 hours -
Two reportedly die after being trapped in mining pit at Juaboso
4 hours