PwC Sees Improved Debt Outlook for Ghana as West Africa Growth Strengthens in 2026
Ghana’s debt dynamics are expected to improve further as ongoing restructuring efforts and sustained fiscal discipline help rebuild investor confidence, easing refinancing pressures and reducing interest costs, according to the PwC 2026 West Africa Economic Outlook report.
PwC noted that reforms in Ghana’s domestic gold sector are also expected to strengthen and stabilise the local currency, limiting the expansion of public debt denominated in foreign currency.
“Ghana recorded a total public debt stock of GHS630.2 billion in October 2025, supported by restructuring agreements with bilateral and commercial creditors, lower near-term amortisation obligations, and improved domestic currency strength,” the report stated.
The outlook highlighted a broader improvement in West Africa’s economic performance, with regional GDP growth estimated at 4.4 percent in 2025, driven largely by new oil and gas production coming on stream in Senegal and Niger.
Larger economies in the sub-region, including Nigeria and Ghana, both recorded growth in the third quarter of 2025. Nigeria’s economy expanded by 3.98 percent, supported by domestic policy reforms and growth in key services sectors such as finance and insurance, mining and quarrying, and information and communications technology (ICT).
Ghana, on the other hand, recorded a stronger 5.5 percent GDP growth in Q3 2025, driven primarily by robust performance in agriculture and services, as the economy continues its recovery from previous downturns.
Looking ahead, PwC projects West Africa’s economic growth to moderate slightly to 4.2 percent in 2026, supported by sustained domestic demand, expanding infrastructure and energy projects, and rising oil and gas output in Senegal and Niger.
The report added that continued policy reforms aimed at improving investment conditions and macroeconomic stability will remain critical to growth in key economies such as Nigeria, Ghana and Côte d’Ivoire.
On the monetary policy front, PwC expects a gradual easing across West Africa in 2026 as inflationary pressures subside and economic activity strengthens.
In Nigeria, the report forecasts a cautious easing of the Monetary Policy Rate (MPR) as the Central Bank of Nigeria seeks to support credit expansion while maintaining price stability, amid moderating inflation and improving foreign exchange conditions.
For Ghana, PwC projects the policy rate to decline to 15 percent or lower in 2026, as disinflation progresses and confidence in price stability improves, subject to sustained fiscal discipline and effective coordination between fiscal and monetary authorities.
