The Bank of Ghana has issued a fresh warning that renewed geopolitical tensions in the Middle East and persistent volatility in global oil prices pose a significant threat to the country’s inflation outlook.
Governor Dr. Johnson Asiama highlighted the risk during a recent address, noting that external supply shocks could quickly translate into domestic price pressures, particularly through the transport and haulage sectors.
7% in May, marking the third consecutive month of rising prices.
The central bank’s caution comes as Ghana’s headline inflation rate accelerated sharply to 5.3% in June, up from 3.7% in May, marking the third consecutive month of rising prices.
The uptick was primarily driven by higher costs in food and transportation, sectors highly sensitive to global energy benchmarks.
With Brent crude prices remaining volatile amid regional instability, the transmission mechanism from global oil markets to local consumer prices remains a critical vulnerability for the West African economy.
Handelsavisen’s archive notes that the Bank of Ghana has previously flagged rising transport costs as a key driver of inflationary acceleration.