Fitch Solutions has kept its forecast for Ghana’s GDP growth at 4.2% for 2025, slightly higher than both the IMF’s 4% projection and the World Bank’s estimate of 3.9%.
The UK-based firm believes that record-high gold prices will shield Ghana’s economy from a global slowdown. These prices will increase fiscal revenue, boost export earnings, and stabilize the exchange rate.
Fitch Solutions also pointed out that Ghana remains less affected by the rising trade protectionism in the US. This is due to the country’s key exports—gold and oil—being exempt from US tariffs imposed under President Trump.
Moreover, Ghana’s exports to the US make up only 4.0-5.0% of the total. China and Europe, particularly Switzerland and the Netherlands, are more significant trading partners for Ghana.
While Ghana could face broader effects from the US-China trade tensions, Fitch believes the rise in global gold prices will offset this impact. The increase in gold prices will enhance export earnings, strengthen international reserves, and help the central bank maintain a stable currency.
