PwC has released its 2026 West Africa Economic Outlook and reveals Nigeria and Ghana are starting the year on different recovery trajectories, driven by contrasting policy choices, growth dynamics, and structural economic pressures.

Across West Africa, macroeconomic pressures have begun to ease. Inflation is moderating, currencies stabilising and policy signals are clearer than in recent years.

These shifts have improved predictability for businesses and investors' confidence. The Outlook shows a sharp contrast in how Nigeria and Ghana are converting these improvements into real economic growth.

Commenting, Sam Abu, Regional Senior Partner, PwC West Market Area, said: “Recovery across West Africa is no longer a rising tide that lifts all boats. Nigeria’s recovery path is being driven by market reforms in foreign exchange and monetary policy that are reshaping pricing and investment signals, while Ghana’s reflects IMF-backed fiscal consolidation and debt restructuring aimed at restoring credibility and stability. For businesses, this difference means strategy in 2026 must be grounded in a clear understanding of country-specific drivers, policy constraints, and where growth is likely to be sustained. Capital allocation, risk management, and execution discipline will matter more than broad regional assumptions.”

Nigeria's 4.3% projected Gross Domestic Product (GDP) growth also reflects a market-led recovery driven by services particularly by ICT, finance, and real estate. Improved monetary policy transmission and foreign-exchange market transparency are creating a more predictable operating environment. Fiscal constraints, elevated debt-service costs, and weak household purchasing power continue to shape how growth is distributed across sectors and regions.

The Outlook shows that as macro conditions stabilise, differences in fiscal discipline and policy flexibility are becoming more important in shaping business outcomes across countries.

Speaking on the Outlook, Vish Ashiagbor, Country Senior Partner, PwC Ghana, said: “Ghana’s recovery is being shaped by fiscal consolidation, disinflation, and the rebuilding of macroeconomic credibility. These conditions support stability and investor confidence, but they also define clear boundaries for policy and demand-led growth. For CEOs, the priority in 2026 is to position for growth through productivity, operational efficiency, and targeted investments.”

The 2026 West Africa Economic Outlook highlights practical priorities for business leaders, including scenario planning for macroeconomic and geopolitical risks and selective investment in high-potential sectors.

It also underscores the importance of adapting cost structures, accelerating digital and AI adoption, and strengthening regulatory and tax compliance as reforms move into execution.