The US-Israeli war against Iran poses a fresh threat to Ghana's inflation outlook through higher oil prices and tighter global financial conditions, even as the same geopolitical uncertainty is pushing gold prices up, the West African country's central bank governor said on Monday.

Ghana's central bank has been cutting interest rates since July 2025 when inflation started slowing at a record pace. It is expected to deliver ⁠its latest decision on March 18.

At the opening of the monetary policy committee meeting on Monday, Governor Johnson Asiama warned that the conflict in the Middle East could affect the recent improvement in Ghana's economy.

However, he added that the rise in global gold prices could cushion the blow for Africa's largest gold producer.

Ghana's gold export earnings double

"Today there is a... threat to the disinflation trajectory and whatever decision the committee takes, our communication must reflect both the progress that has been achieved and the risks that remain," Asiama told reporters.

Ghana has leaned heavily on gold to stabilise its economy over the past year.

Gold export earnings nearly doubled to around $20 billion in 2025 from $10.3 billion in 2024, helping drive a sharp turnaround in the current account.