Ghana’s economic recovery is increasingly being defined by fiscal consolidation, easing inflation and the rebuilding of macroeconomic credibility, a combination that is restoring stability and investor confidence.
The economic growth is however narrowing the space for demand-led growth.
This was captured in the PwC’s 2026 West Africa Economic Outlook.
The report released on February 4, 2026, shows that while macroeconomic pressures across West Africa are beginning to ease with inflation moderating, currencies stabilising and policy signals becoming clearer, the pace and nature of recovery vary sharply across major economies, particularly between Ghana and Nigeria.
PwC notes that improved macro stability across the sub-region has enhanced predictability for businesses and investors.
But, the Outlook underscores that recovery is no longer uniform, as differences in policy choices, fiscal discipline and structural constraints are now shaping economic outcomes more decisively.
Specifically, Ghana’s recovery is being shaped by stabilisation rather than expansionary policy, following IMF-supported reforms and ongoing debt restructuring efforts.
Speaking on Ghana’s outlook, Vish Ashiagbor, Country Senior Partner, PwC Ghana, said the current macro environment sets clear boundaries for economic management.
“Ghana’s recovery is being shaped by fiscal consolidation, disinflation, and the rebuilding of macroeconomic credibility. These conditions support stability and investor confidence, but they also define clear boundaries for policy and demand-led growth. For CEOs, the priority in 2026 is to position for growth through productivity, operational efficiency, and targeted investments.”
Commenting on the findings, Sam Abu, Regional Senior Partner for PwC West Market Area, said recovery in the region is increasingly country-specific.
“Recovery across West Africa is no longer a rising tide that lifts all boats. Nigeria’s recovery path is being driven by market reforms in foreign exchange and monetary policy that are reshaping pricing and investment signals, while Ghana’s reflects IMF-backed fiscal consolidation and debt restructuring aimed at restoring credibility and stability.
He noted that for businesses, 2026 strategy must be grounded in a clear understanding of policy constraints, growth drivers, and execution risks, with capital allocation and risk management becoming more critical than broad regional assumptions.
Nigeria’s outlook
Nigeria’s economy is projected to grow by 4.3% in 2026, supported largely by a market-led recovery in services, particularly ICT, financial services, and real estate.
Improved monetary policy transmission and greater transparency in the foreign exchange market are creating a more predictable operating environment.
However, PwC cautions that tight fiscal conditions, high debt-service costs, and weak household purchasing power continue to limit how broadly growth is felt.
PwC emphasises that as macroeconomic volatility recedes, micro-level execution will increasingly determine business performance.
The 2026 Outlook highlights key priorities for business leaders, including scenario planning for macroeconomic and geopolitical risks, selective investment in high-potential sectors, and tighter alignment of cost structures with revenue realities.
The report also stresses the importance of accelerating digital and AI adoption, strengthening regulatory and tax compliance, and improving operational resilience as reforms move from policy design into implementation.
Overall, PwC concludes that while Ghana’s stabilisation efforts are laying the foundation for sustainable growth, corporate strategy in 2026 will hinge less on macro tailwinds and more on productivity-led expansion and disciplined execution.
