Professional services firm Deloitte is warning governments in Ghana and Nigeria about the threat of high inflation, debt, currency weakness and a restrictive monetary policy environment, describing them as big hurdles for growth in 2025.

It therefore wants both nations to focus government efforts toward these issues to realize long term growth.

In its Global Economic Outlook January 2025, Deloitte said West Africa's economic output has been limited by the rising cost of goods and services, leading to an increase in interest rates as monetary authorities attempt to rein in inflation. "Nigeria and Ghana have also been facing currency volatility, which has had a severe impact on their ability to import raw materials and equipment required to boost output.

In the first six months of the year [2024], the Nigerian naira has lost over 40% of its value, and the Ghanaian cedi over 20% of its value against the US dollar." Ghana has Favourable Outlook Deloitte however expressed a favourbale outlook for the Ghanaian economy in the short to medium term." "Ghana, compared to Nigeria, appears to have stronger growth prospects.