By Murtala Issah
Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has expressed concern that the ongoing crisis in the Middle East could undermine Ghana’s recent economic gains, particularly the relative stability of the cedi against the dollar and the notable decline in inflation.
According to Dr. Asiama, any prolonged escalation of tensions in the region could trigger wider global economic shocks, with possible consequences for countries like Ghana that are working to restore macroeconomic stability.
He said while Ghana has made commendable progress in recent months, the country remains vulnerable to external developments.
“As you are aware, Ghana is not like an island; we live in a global village, so while we are enjoying our peace and stability here, what happens in another corner of the world has an impact on us. And I am talking about the crisis in the Middle East; it is one of concern to us. If that crisis should persist for long, it can impact some of the gains we have made so far,” Dr. Asiama noted.
The BoG Governor made the remarks during a courtesy call on the Ya-Naa, Abukari Mahama, at the Gbewaa Palace in Yendi, as part of his official engagements in the Northern Region.
Dr. Asiama stressed the need to safeguard the country’s recent economic progress through prudent economic management and a stable global environment. He said gains such as easing inflationary pressures and improved currency stability must be protected and sustained over the long term.
He added that the Bank of Ghana remains focused on ensuring that the cedi remains stable for an extended period. Dr. Asiama also expressed optimism that the conflict in the Middle East would be resolved soon to allow Ghana to consolidate the progress made in recent months.
In a speech delivered on his behalf, the Ya-Naa, Abukari Mahama, commended Dr. Asiama and his team at the Bank of Ghana for what he described as their efforts in steering the economy out of turbulent waters. He acknowledged the progress made in restoring confidence in the economy but cautioned that much more remains to be done to ensure the gains are sustained.
The Ya-Naa particularly highlighted the challenge of limited access to banking services in many rural communities, noting that a significant number of Ghanaians still remain outside the formal financial system.
He appealed to the Bank of Ghana Governor and his team to work assiduously to expand access to banking facilities across the country, especially in underserved and rural areas.
The Ya-Naa also urged the central bank to prioritise transparency and effective communication in the implementation of policy decisions to strengthen public trust and confidence in the financial sector.
Dr. Asiama’s visit to Yendi forms part of broader engagements by the Bank of Ghana in the Northern Region aimed at deepening stakeholder collaboration and promoting inclusive economic development.
