PwC has commended the government and the Bank of Ghana for the fiscal and monetary discipline exhibited in the first six months of 2025, particularly the primary surplus achievement, debt reduction, and currency stabilisation.
According to the professional services firm, there is a general view that businesses and households are already feeling relief from lower inflation.
Indeed, it said in its assessment of the 2025 Mid-Year Review Budget that some retail stores announced price reductions in the wake of lower inflation, but many traders in the informal markets remain adamant about dropping prices.
The Minister also reported that private sector lending by banks increased by 31.3% in June 2025 reflecting an easing in the credit market.
“We summarise the strategy used to achieve these results as follows: fiscal restraint and strong coordination with monetary authorities. Still, it is our view that sustaining the progress posted so far would require careful sequencing of reforms, effective stakeholder coordination, and efficient programme delivery. Plus, clear communication, strong independent oversight, and timely execution of the conceived initiatives will be essential”, the professional services firm said.
It continued that discipline and timely execution are particularly important because risks remain—particularly from persistent global economic uncertainties, trade and geopolitical tensions, as well as volatile commodity markets.
It added that these external factors, coupled with the need to sustain domestic reforms and manage substantial debt repayment humps in the coming years, necessitate continuous vigilance on the part of government.
“From a private sector standpoint, the improved macroeconomic conditions begin to create an enabling environment for renewed investment. However, clarity around policy interventions—particularly in tax policy, digitalisation, and industrial incentives—are key to unlocking and sustaining business confidence”, it said.
“For policymakers—particularly the Minister for Finance—we advise that continued adherence to fiscal discipline and the rigorous implementation of Act 921 are paramount”, it alluded.
It recommended to government a sharp focus on what it consider foundational real sectors to which resource allocation should be prioritised.
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