Ghana’s economy to face greater external stability in 2025; reserves to hit $8.8bn in 2025

Fitch Solutions forecasts that despite reduced US foreign aid, Ghana's external stability will improve in 2025 due to rising secondary reserves.

After significant declines from 2021 to 2023 caused by capital outflows amid global risk aversion, reserves began recovering in 2024, reaching US$6.4 billion in December the highest in three years thanks to a robust current account surplus, continued IMF disbursements, and reduced financial outflows.

Improved investor sentiment following Ghana’s debt restructuring is expected to boost reserves further to US$8.8 billion by the end of 2025, equating to 3.5 months’ worth of imports.

However, the report warns that Ghana’s external position remains vulnerable to shocks from volatile gold prices, a stronger-than-expected US dollar, and geopolitical developments that could undermine exports and investor confidence.