Ghana’s increasing reliance on gold exports poses risks to the country’s economic outlook despite recent macroeconomic gains, the International Monetary Fund (IMF) has cautioned. High gold prices have strengthened the country’s external position, supported economic growth and helped rebuild international reserves, but the economy remains vulnerable to adverse movements in global gold prices, the Fund’s latest Article IV Consultation and Programme review report on Ghana said. Strong gold export earnings contributed to a current account surplus and boosted the Bank of Ghana’s international reserves to their highest levels in recent years, it said. However, a significant decline in global gold prices could reverse those gains by reducing export earnings, weakening foreign exchange inflows and increasing pressure on public finances, the report said. Sustaining those gains would require prudent economic management and continued reforms to reduce vulnerabilities associated with dependence on a narrow range of export commodities, the report said.