While doing that, he assured the Ghanaian public that Ghana’s macroeconomic buffers are stronger today than they have been in recent years.

He said the Bank stands ready to take prudent and pre-emptive measures to preserve Ghana’s economic stability and protect the progress that have been made so far.

He said this during the Ghana Association of Banks Industry Thought Leadership forum in Accra held on Tuesday June 17.

He told the gathering that “let me briefly address a matter on the minds of many—the evolving geopolitical tensions in the Middle East, particularly the Iran–Israel conflict. While the Bank of Ghana is closely monitoring the situation and its potential impact on global energy markets, supply chains, and investor sentiment, I wish to assure the public that Ghana’s macroeconomic buffers are stronger today than they have been in recent years.

“Our foreign reserve position, inflation trajectory, and fiscal adjustment efforts provide a solid cushion. We are also actively engaged with our international partners to remain responsive to any external shocks. The Bank stands ready to take prudent and pre-emptive measures to preserve Ghana’s economic stability and protect the progress we have made.”

Following the outbreak of the war, President John Dramani Mahama instructed the Ministers of Energy and Finance to consider steps to safeguard the progress that has been made in lowering the prices of petroleum products, since rising conflicts between Israel and Iran have begun to drive up crude oil prices.

Speaking during his Thank You Tour of the Savannah Region on June 14, President Mahama hailed Ghana’s recent economic stabilization efforts but also cautioned about the possible impacts of global events.

“Despite the work we have done in stabilising the economy, Ghana is not immune from the shocks of global events,” President Mahama said.

He explained that the recent missiles strike between Israel and Iran has led to a sharp increase in crude oil prices, a situation likely to erode the progress made in reducing the cost of petroleum products in Ghana.

“Recent events in the Middle East, which involve an exchange of missiles between Israel and Iran, have started to escalate crude oil prices dramatically.

“I’ve asked our Minister of Finance and Minister of Energy to keep a close eye on the development and model the possible impacts on our petroleum prices and prepare measures to protect the recent gains that we have made,” he added.

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