Ghanaian CEOs have expressed a renewed sense of optimism about the country’s economic trajectory, but this confidence does not fully translate into expectations of revenue growth for their individual businesses, according to PwC’s 28th Annual CEO Survey.
Compared to their global and African counterparts, Ghana’s CEOs appear notably upbeat about economic growth. “77% of CEOs in Ghana believe Ghana’s economy would grow in 2025,” the report states, a significant jump from the previous year. However, only 48% expressed similar confidence about their companies’ revenue growth, a marked decline from 65% recorded last year.
This apparent contradiction may stem from lingering business-level uncertainties. “A combination of high inflation, currency depreciation, high interest rates, an unfriendly policy and administrative tax regime, and concerns over a probable return to power shortages… have been a damper,” the report warns.
Macroeconomic volatility and inflation remain the top threats. While the global focus has shifted to geopolitical risks and cyber threats, Ghanaian CEOs continue to cite economic instability as a primary concern. Indeed, “almost double” the proportion of Ghana’s CEOs compared to their global peers remain worried about inflation and exchange rate fluctuations.
Despite these concerns, some optimism is warranted. The report notes a relative stabilization of the Ghana cedi and inflation falling to 18.5% by May 2025. Still, PwC cautions CEOs against complacency, especially given uncertainties related to U.S. trade and immigration policies and the global geopolitical climate.
“There is a strong association between reinvention and profitability,” PwC urges, underscoring the need for businesses to look beyond short-term market recovery and rethink operational models.
