Introduction Macroeconomic Insights Global Political Landscape Ghana’s Fiscal Position Technology & Cybersecurity Banking Industry Figure 3: Global Inflation Outlook The global macroeconomic backdrop into 2026 combines resilience with meaningful uncertainty, shaping financial conditions across emerging and frontier markets, including Ghana. Growth is supported by technology-driven investment, including AI-related capex in North America and parts of Asia, alongside broadly supportive financial conditions and private- sector adaptability. At the same time, geopolitical risk, trade uncertainty, and commodity price volatility continue to generate downside pressure. Source:
World Economic Outlook Data (2026) Figure 4: Inflation Outlook In Selected Countries With global headline inflation expected to fall from 4.1 percent in 2025 to 3.8 percent in 2026 and 3.4 percent in 2027, major central banks have more room to begin easing. For Ghana, lower global inflation and softer international rates could reduce external financing costs, support portfolio flows, and ease pressure on the cedi. The risks are also clear. Trade disruption, geopolitical escalation, and commodity price swings could weaken export earnings, reduce fiscal revenues, and trigger renewed capital outflows. Source: World Economic Outlook Data (2026) Figure 5:
Inflation Trend and Outlook in Selected Regions Against this backdrop, Ghana’s policy priorities should remain anchored in fiscal discipline, prudent debt management, and a monetary stance that protects disinflation gains. Any improvement in global liquidity should be used to rebuild buffers, attract durable private investment, and support real-economy recovery. Structural reforms that reduce policy uncertainty and strengthen productivity will determine how much of the global tailwind translates into sustained domestic growth. Source: World Economic Outlook Data (2026) Ghana Association of Banks Ghana Association of Banks 2026 Industry Outlook 2026 Industry Outlook 07