Ghana is poised to gain significantly from rising global gold prices, which are expected to boost export revenues, improve the nation’s current account balance, and mitigate inflationary pressures. This is according to the most recent forecast by Fitch Solutions, the research division of the Fitch Ratings Group.
In its analysis, Fitch Solutions emphasizes that the synergy of elevated gold prices and reduced energy expenses will elevate Ghana’s current account surplus to an estimated 6.9% of GDP by 2025 — marking the highest level in the country’s recent economic history.
“High gold prices, coupled with lower energy costs, will propel the current account surplus to a historic 6.9% of GDP in 2025,” the report indicated.
This surplus is expected to bolster Ghana’s foreign exchange reserves and offer a buffer against external shocks, particularly in the context of ongoing global trade tensions.
The report also suggests that the country’s enhanced external position is likely to contribute to the stabilization of the cedi and support a sustained reduction in inflation, thereby easing some of the burdens on consumers and importers.
Despite the uncertainties associated with newly implemented U.S. tariffs, Fitch Solutions retains an optimistic outlook on Ghana’s economy.
The firm has maintained its 2025 economic growth forecast at 4.2%, attributing the gold-driven export increase as a significant factor in mitigating global economic challenges.
