A Sneak Preview of 2025:
What lies ahead?
West Africa’s Economic Outlook
2024 has been a turbulent year for economic stakeholders in West Africa, particularly in Nigeria and Ghana. Rising inflation, soaring interest rates, and currency volatility have significantly impacted spending and investment. The Naira and Cedi have lost over 40% of their value against the USD, adding pressure to already fragile economies. While Ghana is making progress under its IMF agreement, concerns about rising debt remain high.
Businesses in Nigeria and Ghana continue to struggle with declining purchasing power, higher costs of funds, and sluggish macroeconomic stability. Despite policy efforts, economic recovery remains elusive.
On the political front, governments are responding to the socio-economic impact of their reforms, but unrest and uncertainty persist. A historic milestone was achieved in Ghana with the election of its first female Vice President alongside former President John Mahama.
What to Expect in 2025?
The macroeconomic landscape is expected to remain challenging, with ongoing efforts to address stagflation, boost revenue generation, and improve debt sustainability. While risks remain, there are opportunities for strategic economic players.
Brace for another tough year, with potential improvements expected in H2 2025.
