ACCRA, Ghana – Ghana is projected to reap substantial economic benefits from elevated global gold prices, which are anticipated to significantly increase export earnings, enhance the nation’s current account balance, and alleviate inflationary pressures. This assessment comes from Fitch Solutions, the research arm of the Fitch Ratings Group, in its latest forecast.
According to Fitch Solutions’ report, the combined effect of high gold prices and reduced energy costs is expected to push Ghana’s current account surplus to an estimated 6.9% of GDP in 2025, marking the highest in the country’s recent economic history.
The report explicitly states, “Elevated gold prices, combined with lower energy costs, will drive the current account surplus to a record 6.9% of GDP in 2025.” This projected surplus is expected to bolster Ghana’s foreign exchange reserves, providing a buffer against external shocks, particularly amidst ongoing global trade tensions.
The report also suggests that the improved external position will likely contribute to the stabilization of the cedi and support a sustained decline in inflation, easing burdens on consumers and importers.
Despite uncertainties stemming from newly imposed U.S. tariffs, Fitch Solutions maintains a positive outlook on Ghana’s economy, holding its 2025 economic growth forecast steady at 4.2%. The firm identifies the gold-driven export surge as a key factor counteracting global economic headwinds.
Ruth Abla ADJORLOLO
