Ghana poised to gain from high global gold prices – Fitch Solutions

Ghana is set to benefit significantly from rising global gold prices, which are projected to increase export earnings, strengthen the country’s current account, and help ease inflationary pressures, according to a new forecast by Fitch Solutions, the research arm of Fitch Ratings.

The report highlights that soaring gold prices, coupled with lower energy costs, will push Ghana’s current account surplus to an estimated 6.9% of GDP in 2025 — the highest in the country’s recent economic history. “Elevated gold prices, combined with lower energy costs, will drive the current account surplus to a record 6.9% of GDP in 2025,” the report stated.

Foreign exchange
This surplus is expected to bolster Ghana’s foreign exchange reserves, providing a buffer against external shocks—particularly amid ongoing global trade tensions.

Additionally, the improved external position is likely to stabilize the cedi and support a sustained decline in inflation, offering relief to consumers and importers.

Optimism
Despite uncertainties from newly imposed U.S. tariffs, Fitch Solutions remains optimistic about Ghana’s economic outlook. The firm has retained its 2025 growth forecast at 4.2%, citing the gold-driven export surge as a key factor mitigating global economic challenges.