PwC warns high lending rates could stall Ghana's economic recovery

PricewaterhouseCoopers (PwC) cautions that Ghana’s economic rebound may be undermined by persistently high commercial lending rates. While headline inflation has fallen to 5.3% and the Bank of Ghana has cut its policy rate to 14.0%, average commercial loan rates remain around 17.6%, limiting the benefits of macro‑economic stabilization for businesses and households.

PwC advises CEOs and boards to monitor monthly inflation, Treasury‑bill yields and lending rates, noting that global energy price volatility and ongoing Middle‑East conflict could raise commodity costs and pressure Ghana’s trade balance. The firm highlights that lower inflation should eventually ease borrowing costs, but sustained high rates risk constraining investment, expansion and job creation, especially for small and medium‑sized enterprises.

The commentary also references IMF and World Bank growth and price forecasts for 2026, emphasizing the importance of Ghana’s second‑half fiscal spending on infrastructure and the potential upside from higher gold prices and regional trade opportunities under the African Continental Free Trade Area.