Ghana’s foreign reserves provide a solid cushion for the country amid external shocks — BoG Governor

The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, says the country’s foreign reserves are strong enough to cushion the economy against the impact of ongoing hostilities in the Middle East.

There have been growing concerns that the conflict between Iran and Israel, which escalated on Friday, June 13, could negatively affect the global economy—and by extension, Ghana’s.

President John Dramani Mahama, over the weekend, announced that he had directed the Minister for Finance, Dr. Cassiel Ato Forson, and the BoG Governor to implement measures to sustain the country’s economic stability.

However, speaking at the Ghana Association of Banks Industry Thought Leadership Programme on Tuesday, June 17, the Governor allayed public fears, insisting that Ghana is well positioned to withstand any external shocks.

“Ghana’s foreign reserve position, inflation trajectory, and fiscal adjustment efforts provide a solid cushion for the country now,” Dr. Asiama stated.

“I wish to assure the public that Ghana’s macroeconomic buffers are stronger today than they have been in recent years,” he added.

He further noted, “The Bank stands ready to take prudent and pre-emptive measures to preserve Ghana’s economic stability and protect the progress that has been made.”