Arnold Dublin Green, MD/CEO of RC Assets Management Ltd, says Ghana is on the path to growth thanks to falling inflation and a smart gold strategy, which are giving businesses and investors renewed confidence.
Green said this in an interview with ARISE NEWS on Thursday, while also noting that he was not surprised by Ghana’s new economic growth.
“I was not necessarily surprised. I mean you saw the data earlier. I can even take a nearer data. December 2024 at 23.8%, a year later, 5.4%. Currency appreciated by 40% last year. It just makes sense for them to start looking at growth. The Central Bank is looking at credit growth and other aspects. Sort of consolidating the win.”
Speaking on whether he expects more rate cuts, Green said, “sure. Why not? I mentioned, it’s consolidating the win, right? Now, it’s just basically credit growth and trying to grow the economy through lower rates environment. So yes, definitely. Especially inflation continues to cooler”.
Green stated that the recent trajectory of inflation in Ghana is positive.
“It’s positive. Massively positive. And it’s welcome, it’s needed. You know Ghana went through what they went through; huge default, inflation going through the roof, the default was crazy. So this is massively welcome and is expected. Obviously, gold has been a central pillar, and they’ve played gold trade very very well. The Gold Coast has played gold trade very well. So, it’s definitely welcome.”
Commending the decision makers in Ghana, Green explained that it was their decision to take advantage of gold that led to the turn around in inflation.
“Ghana is a gold story. Ghana is a central pillar. But I mean, obviously, you also have to credit the decision makers for taking advantage of gold. What they did is incredible. We saw central banks around the world take the gold reserves up to 20 – 25%, Ghana took the gold reserves up to 40%. They definitely took advantage of that. And the ‘math was mathing’. Trade balance went from 3.6B to more than double last year. And to put that in perspective, the IMF expected the trade balance to come up at 3.7B by the end of this year.
“You’re looking at probably an $8B trade balance. So yes, the policy makers and decision makers decided to take advantage of the fact that Ghana’s gold producers and they can buy gold in cedes and then store it, or rather market in dollars on the reserves. So you have to also credit the decision makers in doing this. Not every country is doing this. Some countries have gold and they’re not taking advantage of the gold rally.”
Sharing his thoughts on the Gold Rally and precious metals as they continue to make record run, Green said,
“The gold trade started as a structural shift trade. There’s been this whole rhetoric de-dollarization going on around the world, and this started in 2022 when Russia – Ukraine war started, and then the whole world saw the way the US sanctioned Russian assets, especially the Russian Central Bank Reserve. And so everyone thought to themselves, ‘we need to make sure we’re ok’. So you’re seeing countries on a level, Central Banks buying gold at astromical levels.
“But what’s really interesting is you’re also seeing new buyers come in. To give an example, China, in November, had an increase in VAT that calls investors to pile into gold. About $4B worth of investors in November from China. Japan that’s coming from decades of no inflations is now seeing inflations at 3%. So now you have Japanese investors starting to look for inflation edge.
“So where you have global central banks buying gold at steady price and steady rates, because central banks are not price sensitive,so regardless, they’ll buy gold. You’re seeing new investors and new buyers coming. You also see the crypto boys starting to buy gold. So gold was steady 2022, it’s been sort of a straight line from then till 2025. Now new buyers are coming in as of Q3 and Q4 2025. I guess the only worry is what happens when there are no more buyers. And that’s what keeps me up at night”, he said.
Green also explained that with the Gold Rally, Ghana’s assets, including stock and bonds, become more attractive.
“Yes, it does. If the cede stays stable, which I don’t see a reason why it doesn’t, and now with the Central Bank cutting into inflation in single digits, inflations sort of below their target, which is positive, and Central Bank being where they are currently, it is more attractive. Because you’re going to see credit growth. Credit growth leads to an increase in consumers. So the consumer story gets stronger. Credit growth also means business owners and CEOS are more confident in spending. You’re going to look at employment growth. So an investor from the outside looking in, especially if you’re coming from a weak dollar environment, there’s a good rate there for you where you’re seeing a strengthening or stable cede, improved consumer environment, improved credit growth, and improved business environment”, he explained.
Addressing the US dollar’s continued weakening, Green highlights some of the benefits of this to local currency investment.
“Unfortunately,our currencies are priced in dollar. So anything that’s priced in dollar goes up when the dollar’s weak. It makes local currency investment more attractive to outside investors, who will now see naira bonds and Ghanaian bonds more attractive than they did before. So yes, it’s very positive for us.”
Favour Odima
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