An international accounting and auditing firm, Deloitte, has indicated that the challenging macroeconomic environment in Ghana and Nigeria is likely to persist for the rest of the year.
This was contained in Deloitte’s West Africa Economic Outlook, August 2024 report.
It explained that consumers are likely to face declines in purchasing power and businesses are likely to experience higher operating costs.
“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.
By: Rainbowradioonline.com/Ghana
