Leading international accounting and auditing firm, Deloitte says the challenging macroeconomic environment in Ghana and Nigeria is likely to persist for the rest of the year.
In a report, Deloitte said consumers are likely to face declines in purchasing power and businesses are likely to experience higher operating costs.
Deloitte said this in its West Africa economic outlook, August 2024 report.
“West Africa’s macroeconomic environment has remained challenging due to several factors, the prominent ones being high inflation, a high-interest rate environment, currency weakness, and elevated debt levels.”
“These challenges are likely to persist for the rest of 2024, driven by ongoing market reforms, weak consumer demand, and low foreign investment.”
“As a result, consumers will likely face further declines in purchasing power, and businesses are likely to experience higher operating costs. Both households and businesses are already implementing belt-tightening measures to survive,” it stated.
