Fitch Solutions has reiterated its forecast that Ghana’s economy will grow by 4.2% in 2025, slightly surpassing the International Monetary Fund’s estimate of 4% and the World Bank’s projection of 3.9%.
The UK-based research firm attributes this optimistic outlook to historically high gold prices, which are expected to provide a buffer for the Ghanaian economy against a global slowdown caused by rising tariffs.
It is anticipated that elevated gold prices will enhance government revenue, increase foreign exchange earnings, and contribute to currency stability.
The report also notes that Ghana is relatively insulated from escalating trade restrictions imposed by the United States, as its main exports—gold and crude oil—are not directly impacted by the tariffs enacted during President Trump’s administration.
Furthermore, the US accounts for only about 4% to 5% of Ghana’s total exports, while Ghana’s trade is more significantly aligned with China and European nations, especially Switzerland and the Netherlands.
Although there are potential risks stemming from broader global economic challenges, Fitch Solutions is confident that the expected benefits from gold exports will likely mitigate these issues by strengthening international reserves and supporting exchange rate stability through interventions by the central bank.
