High gold prices to boost Ghana’s exports, ease inflation – Fitch Report

Ghana stands to benefit significantly from elevated global gold prices, which are expected to boost export earnings, improve the country’s current account position, and help ease inflationary pressures. That’s according to the latest forecast by Fitch Solutions, the research arm of the Fitch Ratings Group.

In its report, Fitch Solutions highlights that the combination of high gold prices and 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.

The surplus is expected to strengthen Ghana’s foreign exchange reserves and provide a cushion against external shocks, especially in light of ongoing global trade tensions.

According to the report, the country’s improved external position is also likely to help stabilise the cedi and support a sustained decline in inflation, relieving some of the pressure on consumers and importers.

Despite uncertainties linked to newly imposed U.S. tariffs, Fitch Solutions maintains a positive outlook on Ghana’s economy.

The firm has held its 2025 economic growth forecast steady at 4.2%, pointing to the gold-driven export surge as a major factor countering global economic headwinds.