Soaring Gold Prices to Strengthen Ghana’s Exports, Ease Inflation – Fitch

Ghana is poised to gain from the ongoing surge in global gold prices, which are projected to significantly boost the country’s export revenues, improve its current account balance, and ease inflation, according to a new report from Fitch Solutions.

The research arm of Fitch Ratings forecasts that the dual impact of high gold prices and reduced energy costs will push Ghana’s current account surplus to an estimated 6.9% of GDP in 2025 — the highest in recent memory.

“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 noted.

This projected surplus is expected to enhance Ghana’s foreign reserves and provide greater resilience against global economic shocks, especially amid intensifying geopolitical and trade tensions.

Fitch Solutions also anticipates that the improved external position will help stabilise the Ghanaian cedi and support a gradual decline in inflation, offering relief to both consumers and businesses reliant on imports.

While acknowledging potential risks from newly introduced U.S. tariffs, the report maintains a stable and optimistic outlook for Ghana’s economy, keeping its 2025 growth forecast unchanged at 4.2%. The uptick in gold-driven exports, Fitch says, will remain a critical buffer against global economic uncertainty.