Ramsey said Balogun is good enough for the Premier League, adding that the USA striker is a very exciting player.
Arsenal have to decide whether to sell or keep Balogun this summer transfer window after the 21-year-old returned from his loan spell at Reims.
Balogun scored 22 goals in 39 games across competitions for Reims.
“I am not the Arsenal manager but [Folarin] Balogun’s very good,” Ramsey told the Daily Star.
“We played against him a couple of times and, from what I saw there, he is a very exciting player to have in your team.
“Arsenal have many great players but he definitely has the quality. And, yes, he is good enough for the Premier League.”