Ghana is poised to capitalise on soaring global gold prices, a development expected to deliver a significant economic boost by strengthening export revenues, easing inflationary pressures, and shoring up the country’s external accounts.
This is the latest projection from Fitch Solutions, the research and analytics division of the Fitch Ratings Group.
In its newly released report, Fitch Solutions forecasts that Ghana’s current account surplus will reach an unprecedented level in 2025, thanks to the twin benefits of high gold earnings and reduced energy import costs.
“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, marking what would be the highest surplus in Ghana’s recent economic history.
The projected surplus is expected to serve as a buffer against global economic uncertainty, helping Ghana build foreign exchange reserves and protect the cedi from external volatility. It could also provide much-needed stability for the country’s fiscal planning and balance of payments management.
According to Fitch Solutions, this favorable external position will be instrumental in taming inflation, stabilizing the exchange rate, and ultimately offering relief to households and businesses battered by high import costs in recent years.
With gold exports on the rise and energy imports declining, Ghana’s terms of trade are improving sharply — a rare bright spot amid global economic turbulence.
The report acknowledges risks tied to escalating trade tensions and newly imposed U.S. tariffs, but it maintains a cautiously optimistic outlook on Ghana’s economic trajectory.
Despite the external uncertainties, Fitch Solutions has retained its 2025 growth forecast at 4.2%, crediting Ghana’s export performance — led by gold — as a key force offsetting global headwinds.
The bullish forecast adds to growing confidence that Ghana’s mining sector, long a cornerstone of the economy, is once again proving pivotal in steering the country through turbulent economic waters.
