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Core Insights - Ghana's recent macroeconomic stability is highly vulnerable to fluctuations in global commodity prices, particularly gold prices [1] - The sustainability of Ghana's economic rebound is critically dependent on sustained high gold prices, presenting a significant and unstable risk factor [1] - A decline in gold prices would substantially reduce Ghana's dollar earnings from its largest export product, leading to decreased foreign exchange inflows and a potential depletion of international reserves [1] Economic Implications - A reduction in foreign exchange inflows could erode Ghana's external buffers and exert pressure on the local currency, leading to significant depreciation [1] - Currency depreciation would increase import costs, potentially triggering a sharp rebound in inflation [1] - To address the resurgence of inflation, the central bank of Ghana may need to adopt a tighter policy stance than currently anticipated by the market, possibly through interest rate hikes [1]