Leading international accounting and auditing firm Deloitte has projected that the challenging macroeconomic conditions in Ghana and Nigeria will likely persist through the remainder of 2024. In its West Africa Economic Outlook for August 2024, Deloitte highlighted several factors contributing to the economic strain, including high inflation, elevated interest rates, currency depreciation, and significant debt levels.
The report noted that these challenges are expected to continue, driven by ongoing market reforms, weak consumer demand, and low foreign investment. As a result, consumers are likely to experience further declines in purchasing power, while businesses will face higher operating costs.
“Both households and businesses are already implementing belt-tightening measures to survive,” Deloitte stated, emphasizing the tough economic environment that lies ahead for the region.
