Lower inflation bringing relief to businesses and households – PwC
Professional services firm PricewaterhouseCoopers, (PwC) has praised the government and the Bank of Ghana for their fiscal and monetary discipline during the first half of 2025, noting significant achievements such as recording a primary surplus, debt reduction, and stabilizing the Cedi.
According to PwC, there is a growing sentiment among businesses and households that they are beginning to experience relief due to decreasing inflation rates, noting that several retail outlets have responded to this trend by offering price cuts.
However, it also observed that many traders in the informal sector remain hesitant to lower their prices.
The Minister of Finance, Dr. Cassiel Ato Forson previously reported that private sector lending from banks surged by 31.3% in June 2025, indicating a loosening of credit conditions in the market. PwC summarized the effective strategies that led to these positive outcomes as “fiscal restraint and strong coordination with monetary authorities.”
Despite these positive developments, the firm emphasized that maintaining the progress achieved so far will require careful sequencing of reforms, effective stakeholder collaboration, and efficient program implementation, stressing that clear communication, independent oversight, and timely execution of planned initiatives are critical for continued success.
PwC also cautioned that risks continue to hover, especially due to persistent global economic uncertainties, trade and geopolitical tensions, and fluctuating commodity markets.
According to the firm, these external challenges, coupled with the necessity to sustain domestic reforms and manage debt repayment obligations in the coming years, call for continuous vigilance from the government.
On private sector performance, PwC noted that the improved macroeconomic landscape is fostering a more conducive environment for renewed investments, but urged that transparency regarding policy measures, especially in areas such as tax policy, digitalization, and industrial incentives, will be critical in building and sustaining business confidence.
The UK-based firm recommended that continuous adherence to fiscal discipline and stringent implementation of the Public Financial Management Act, (Act 921), are essential in keeping the country’s economy on track, and advised the government to concentrate its resource allocation on “foundational real sectors” as a priority for future growth.
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