PwC Forecasts Major Economic Relief: 12% Policy Rate and GH¢13 to $1 by 2027
Ghana could see significant economic relief over the next 18 months, according to new projections from PwC. The firm forecasts that the Bank of Ghana’s policy rate will drop to 12% and the cedi will stabilize at GH¢13 to US$1 by 2027.
The projection comes on the back of easing inflation and improved fiscal discipline. Producer inflation already slowed to 3.5% in June 2026, down from 5.8% in May, driven by falling mining prices. Economists say this trend is giving the central bank room to cut interest rates gradually.
PwC analysts note that markets are now rewarding credibility over promises. Investors want to see consistent data, reduced borrowing, and stable exchange rates before committing long-term capital. The forecast of a stronger cedi and lower interest rates is expected to boost business confidence, especially for manufacturers and importers who have struggled with high financing costs.
For households, a 12% policy rate could mean cheaper loans for cars, homes, and businesses. It could also reduce the government’s debt servicing burden, freeing up money for infrastructure and social programs. The GH¢13/$1 rate would bring stability to fuel prices, imported goods, and inflation expectations.
However, PwC cautioned that the forecast depends on the government maintaining fiscal targets in the mid-year budget review. Key risks include global commodity price swings, energy costs, and delays in IMF program targets.
Government officials welcomed the projection, saying it aligns with their goal of “macro stability with growth.” The Finance Ministry said programs like “Nkoko Nkitinkiti” for poultry and support for local manufacturing are part of the plan to reduce import dependence and strengthen the cedi.
Business groups said if the forecast holds, it would be the first time since 2022 that both interest rates and exchange rates move in a sustained favorable direction. Analysts warn, though, that one-off shocks like oil price spikes could derail the path. For now, the PwC outlook offers a rare dose of optimism for 2027.
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