Fitch Solutions has maintained its forecast of 4.2% Gross Domestic Product (GDP) growth for Ghana in 2025, slightly above the International Monetary Fund’s (IMF) projection of 4% and the World Bank’s forecast of 3.9%.
The UK-based firm attributes the positive outlook to record-high gold prices, which are expected to shield the Ghanaian economy from a global slowdown induced by tariffs. These high gold prices will improve fiscal revenues, boost export earnings, and help maintain exchange rate stability.
Fitch noted that Ghana remains relatively insulated from rising trade protectionism in the US, as its main exports—gold and oil—are exempt from President Trump’s tariffs. Additionally, the US only accounts for 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 Ghana is exposed to broader global economic challenges, including US-China trade tensions, we believe the rise in global gold prices will offset the negative impact. This will enhance export earnings, strengthen international reserves, and enable the central bank to maintain currency stability,” Fitch Solutions added.