US central bank whose interest rate decisions and Treasury yield movements influence gold prices and global financial conditions affecting Ghana's economy.
Gold prices edged higher on Thursday as the dollar eased from an 18-month peak, helping bullion recover from a two-month low, while traders weighed the prospect of another US Federal Reserve rate hike this year. …
Gold prices slipped on Wednesday as investors looked to minutes from the US Federal Reserve’s September meeting for indications on whether policymakers remain inclined to raise rates further. …
… These include a more hawkish US Federal Reserve, which could weigh on gold prices, and a stronger-than-expected El Niño event that could further increase food prices.
… The UK-based firm said a tighter-than-expected US Federal Reserve policy in response to elevated inflation would pressure global gold prices and Ghana’s export earnings. …
… In its latest report on Ghana, it said a tighter-than-expected monetary policy stance by the US Federal Reserve in response to elevated inflation would weigh on global gold prices and, by extension, Ghana’s export earnings. …
… It added that risks to its 2026-2027 growth outlook for Ghana are mixed but tilted to the downside. “A tighter-than-expected monetary policy stance by the US Federal Reserve in response to elevated inflation would weigh on global gold prices and, by extension, Ghana’s export earn …
Spot gold rose 0.5% to $4,132.66 per ounce on Thursday as the dollar eased from an 18-month peak, helping bullion recover from a two-month low touched on Wednesday. Analysts note the short-term investment case remains challenged, with markets watching for prospects of another US Federal Reserve rate hike.
Spot gold rose 0.5% to $4,132.66 per ounce on Thursday as the dollar eased from an 18-month peak, helping bullion recover from a two-month low touched on Wednesday. Analysts note the short-term investment case remains challenged, with markets watching for prospects of another US Federal Reserve rate hike.
Gold prices slipped on Wednesday as investors watched for clues on US Federal Reserve rate policy in minutes from September's Federal Open Market Committee meeting. Spot gold eased 0.3% to $4,150.23 per ounce, with analysts expecting the yellow metal to remain relatively stable with mild downside bias amid expectations that traders price an 85% chance of a rate hike by December.
Ghana's total export earnings rose to a record US$22.4 billion as of August 2026, driven largely by higher gold prices, with cocoa and oil exports also increasing. The country recorded a trade surplus of US$8.8 billion, though international reserves have fluctuated.
The US government's 10-year Treasury yield rose to 5.04%, its highest since 2007, driven by oil price surges and inflation concerns stemming from regional tensions. Rising global bond yields reflect expectations of higher interest rates to combat inflation, though President Trump opposes rate increases.
Japan and the US jointly intervened last week to halt a decline in the yen after it weakened to a fresh 40-year low. The joint intervention is the first since 2011, and both countries' finance officials said they will not hesitate to conduct coordinated interventions in the future.
Fitch Solutions projects Ghana's inflation will rise to 9% by the end of 2026, driven largely by renewed pressure on the cedi, and further to 13.2% by end-2027 due to stronger domestic demand, imported inflation, and food price increases linked to weather disruptions. The forecast contrasts with Finance Minister Dr Cassiel Ato Forson's projection of 5% inflation by December.
Fitch Solutions projects Ghana's inflation will average 12.8% in 2027, up from 6.0% in 2026, due to base effects and cedi pressure from global gold prices, while economic growth is forecast to moderate to 4.7% in 2027 from 5.7% in 2026, constrained by stagnant oil and cocoa production and rising fiscal pressures.
Fitch Solutions forecasts Ghana's inflation will average 12.8% in 2027, up from 6.0% in 2026, pressuring household purchasing power. The firm attributes the increase to fading cedi strength, expected El Niño weather effects on food prices, and potential constraints on cocoa production and electricity generation.
Fitch Solutions projects Ghana's economic growth will slow to 4.7% in 2027 from 5.7% in 2026, citing weaker agricultural output, stagnant oil and cocoa production, and intensifying fiscal pressures from debt repayments and Eurobond obligations.
US prices rose 4.2% year-on-year in May, the fastest rate in three years, driven by rising energy costs following the US-Israel war in Iran. President Trump said he "loves the inflation" but promised prices would "come down like a rock" when the conflict ends.
Despite Africa representing nearly one-fifth of global population but less than 3% of sovereign debt—lower ratios than Europe, the US, and Japan—many African countries remain trapped in debt cycles due to structural inequalities in global finance that limit access to affordable, long-term capital and force reliance on costly, short-term, market-based borrowing in foreign currencies.