Global gold prices have climbed past $5,000 (£3,659) per ounce for the first time ever, extending a remarkable rally that saw the precious metal rise more than 60 per cent in 2025.
The surge carries significant implications for Ghana, Africa’s largest gold producer, whose economy relies heavily on the mineral for export earnings and foreign exchange.
The price rally has been driven by heightened geopolitical and financial uncertainty, including escalating tensions between the United States and NATO over Greenland, alongside renewed concerns about disruptions in global trade.
Market jitters have also been amplified by US President Donald Trump’s trade posture, including his threat to impose a 100 per cent tariff on Canada should it strike a deal with China.
For Ghana, the record-breaking gold price could provide a timely boost to export revenues, strengthen fiscal inflows, and improve the country’s balance of payments, supporting efforts to consolidate macroeconomic stability amid global volatility.
Analysts note that higher gold earnings could offer much-needed foreign exchange to cushion the cedi and fund priority development projects.
Gold, along with other precious metals, is widely viewed as a safe-haven asset, attracting investors during periods of economic and geopolitical uncertainty.
The broader commodities market has also benefited, with silver surpassing $100 an ounce for the first time on Friday, building on a nearly 150 per cent increase over the past year.
Market observers argue that the continued rally in gold and other metals underscores the growing demand for secure assets and may prompt Ghana to explore strategies to leverage higher prices for sustainable economic growth.
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Source: www.myjoyonline.com