Ghana’s gold sector remains a key driver of economic growth and external stability, Fitch Ratings has noted in its latest assessment.

High global gold prices and increased mining output have significantly boosted Ghana’s export earnings and supported the country’s balance of payments.

“Ghana recorded a strong current account surplus, largely driven by the performance of the gold sector,” Fitch stated in the report.

It said that the favourable commodity price environment had enhanced foreign exchange inflows, contributing to the accumulation of international reserves.

The agency said Ghana’s external buffers had strengthened through robust export performance, foreign direct investment inflows, and support from development partners.

The build-up of reserves has reduced external liquidity risks and improved the country’s capacity to meet its external obligations.

Fitch projected that Ghana’s current account would remain in surplus in the near term, though it may narrow slightly as import demand rises and commodity prices moderate.

“The continued strength of the gold sector would support economic growth and sustain external stability,” the agency said.

The report also highlighted the role of small-scale mining in overall gold production, noting that increased formalisation could further enhance output and revenue.

Fitch emphasised that the mining sector remains a key source of foreign exchange and government revenue, underpinning macroeconomic stability and improving the country’s credit profile.

The agency, however, cautioned that Ghana’s external position remained vulnerable to global commodity price fluctuations, particularly in the gold market.

It stressed the importance of maintaining sound economic policies to manage potential risks.

Fitch said that continued improvements in the external sector would support investor confidence and contribute to long-term economic resilience.

“Ghana’s strong current account position and growing reserves remain critical strengths in its economic outlook,” it noted.