Fitch Ratings predicts that higher gold prices in 2024 and 2025 would be advantageous for Ghana. For the foreseeable future, gold prices will remain high, predicts the UK-based firm.
Fitch stated in a study titled “Global Gold Mining — Relative Credit Analysis” that strong balance sheets will support a stable sector credit outlook for gold miners in 2023.
The UK-based company claims that the financial criteria for the corresponding ratings of gold producers are still strong, in part because of a period of high prices for gold starting in 2020.
“Gold producer financial metrics remain strong for respective ratings partially driven by a period of high prices for gold beginning in 2020, which drove higher shareholder returns and investment as well as stronger financial flexibility” .
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Once more, prices for the mineral have held steady despite rising real interest rates starting in 2022, partly due to geopolitical factors.
An ounce of the precious metal is now selling at a high point for this year, little over $1,900.
Gold continues to lead all export values, with a total of $4.67 billion in the first eight months, up from $4.22 billion during the same period last year, according to the Bank of Ghana.
