Deloitte Survey: 81% of Business Executives and Professionals Optimistic about Ghana’s Economic Prospects

The Deloitte Restructuring Survey 2024 reveals a striking 81% optimism among executives and professionals regarding the economic prospects of Ghana. This resounding positivity stems from encouraging trends observed in key economic indicators, suggesting an overall enhancement in the country’s macroeconomic landscape. Projections outlined in the report anticipate a modest uptick in Gross Domestic Product (GDP) growth, slated to rise from 2.9% in 2023 to 3.3% by the culmination of 2024. Similarly, the forecast indicates a notable reduction in average inflation rates, expected to decline from 38% in 2023 to 18% in 2024.Despite the Ghanaian cedi experiencing depreciation against major trading currencies in the initial quarter of 2024, the pace of depreciation has notably decelerated compared to previous years. Looking forward, the impending presidential elections towards the end of 2024 are anticipated to prioritize the successful execution and conclusion of the International Monetary Fund program. This strategic focus is deemed pivotal for reinstating policy credibility and augmenting access to financing from international capital markets, pivotal steps towards fostering macroeconomic stability and catalyzing growth.The survey’s findings portray a glaring contrast with other jurisdictions, where a mere 19% express pessimism about Ghana’s economic trajectory, starkly juxtaposed against 63% in countries like Kenya, Nigeria, and South Africa. This optimism is further substantiated by respondents’ forecasts, as they do not envisage escalations in inflation and interest rates for Ghana, in contrast to prevailing sentiments in other regions.Conducted annually, the Deloitte Restructuring Survey serves as a conduit for gathering insights from restructuring professionals and C-suite executives across South Africa, Ghana, Kenya, and Nigeria. Through its comprehensive analysis and projections, the survey provides stakeholders with valuable foresight into prevailing economic sentiments and emerging trends, facilitating informed decision-making and strategic planning in navigating the evolving economic landscape.