Fitch Solutions has maintained its forecast of 4.2% Gross Domestic Product growth for Ghana in 2025.
This is slightly above the International Monetary Fund projection of 4% and the World Bank’s forecast of 3.9%.
According to the UK-based firm, record-high gold prices will largely insulate the Ghanaian economy from a tariff-induced global slowdown, as it will improve fiscal intakes, boost export earnings, and maintain exchange rate stability.
It pointed out that Ghana remains relatively shielded from the adverse effects of rising trade protectionism in the US, as its two main export commodities—gold and oil—are exempted from President Trump’s tariffs.
Furthermore, the US makes up only 4.0–5.0% of Ghana’s total exports, with mainland China and Europe—particularly Switzerland and the Netherlands—serving as more significant trading partners.
“While we note that Ghana is exposed to the broader effects of a global economic slowdown stemming from US-China trade tensions, we believe the impact will be offset by the rise in global gold prices, which will boost Ghana’s export earnings, bolster its international reserves, and allow the central bank to keep the currency stable”, it added.
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