Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has expressed confidence in Ghana’s ability to withstand the impact of rising global oil prices, citing improved foreign exchange reserves and stronger economic resilience.

Speaking in an interview shared by Bloomberg on X on Friday, June 5, 2026, he acknowledged that Ghana remains vulnerable to oil price shocks despite being an oil-producing nation because it continues to import refined petroleum products.

According to him, increases in global crude oil prices still have implications for the domestic economy, particularly through higher fuel prices and import costs.

"We are importers of petroleum products, even though we export crude oil. So when crude prices, when oil prices are going up, that has a negative impact on us nonetheless," he said.

His comments follow growing concerns about the impact of geopolitical tensions and fluctuations in global oil prices on emerging economies, many of which remain vulnerable to external shocks despite recent improvements in macroeconomic conditions.

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However, he noted that the government has so far managed the situation effectively, helping to cushion the economy from the full impact of recent developments in the global oil market.

"So far, government has managed it quite well. We haven't had a lot of impact compared to our peer countries," he stated.

Asiama said Ghana's improved economic buffers have strengthened the country's ability to respond to external shocks, adding that the central bank remains optimistic about the outlook.

"The good thing is that we built adequate reserves. We believe that our resilience currently is way, way better than a year ago," he said.

He explained that the Bank of Ghana is closely monitoring developments in the global economy and assessing their potential implications for Ghana.

"We are watching it by the day. We are seeing things unfold, but based on the information we have currently, we do think that we are still on good grounds," he added.

He cautioned that a prolonged crisis could alter the country's economic outlook if global conditions deteriorate further.

"If it turns out that the crisis is going to be persistent, and if it turns out that we have to brace ourselves for full adjustment, then certainly the outlook could be impacted," he said.

Despite the uncertainty, Asiama maintained that current developments remain broadly in line with the Bank of Ghana's expectations.

"But from where we sit currently, it's unfolding in line with our projections based on current data," he noted.

Ghana's central bank governor Johnson Pandit Asiama tells Jennifer Zabasajja the country has the reserves to buffer its economy from oil shocks https://t.co/VpSagBzSPE pic.twitter.com/Tz1ABlW41M

— Bloomberg (@business) June 5, 2026