Accounting firm PwC has cautioned that Ghana’s economy remains vulnerable to commodity price volatility despite recent signs of macroeconomic stability and recovery.
Accounting firm PwC has cautioned that Ghana’s economy remains vulnerable to commodity price volatility despite recent signs of macroeconomic stability and recovery.
In its 2026 West Africa Economic Outlook, PwC noted that although Ghana recorded marked improvements in inflation, foreign exchange stability, and fiscal balances in 2025, structural vulnerabilities persist. The report highlighted that the country continues to face significant exposure to commodity price swings, global financial tightening, and climate-related shocks.
According to PwC, Ghana’s recent economic rebound has been driven largely by favorable gold prices, which have supported foreign exchange inflows and strengthened macroeconomic stability. However, the firm warned that heavy reliance on gold heightens terms-of-trade risks, meaning any disruption in global commodity markets could quickly reverse recent gains.
The report emphasized that while foreign exchange reserves and currency stability are expected to remain broadly supportive in 2026, external shocks could test Ghana’s economic buffers. PwC specifically identified global financial tightening and climate-related disruptions as key downside risks that could place renewed pressure on the economy if not adequately managed.
PwC further noted that Ghana’s improved macroeconomic indicators, including easing inflation and stronger fiscal balances, should not create complacency. Instead, the firm urged policymakers to strengthen economic shock absorbers through continued fiscal discipline, prudent monetary policy, and proactive contingency planning.
The outlook concluded that while macroeconomic stability may persist into 2026, sustaining the recovery will depend heavily on Ghana’s ability to build resilience against external shocks and reduce overdependence on commodity-driven growth.
