PwC Survey: 70% of Ghanaian CEOs Confident in 2025 Economic Growth, Yet Cautious on Revenue

A new report by PwC reveals that 70% of CEOs in Ghana are optimistic about the country’s economic growth prospects in 2025, despite fewer being confident about their own revenue growth.

The 28th Annual CEO Survey, which sampled 4,701 CEOs in 109 countries between October 1 and November 8, 2024, found that 77% of Ghanaian CEOs expect economic expansion in 2025, but only 48% are equally bullish about their companies’ revenue growth.

“More instructive is the finding that Ghana’s CEOs are less pessimistic about their businesses’ short-term prospects than when we posed that question to them just 12 months earlier 65% of Ghana’s CEOs, at that time, were very confident or extremely confident about their company’s 2024 revenue prospects,” the report stated.

The survey also highlighted a psychological shift, indicating improved business sentiment compared to last year, amid relative currency stabilisation and lower inflation.

Key Priorities on CEOs’ Minds

In his foreword, Vish Ashiagbor, Country Senior Partner at PwC Ghana, said the survey provides a “clear line of sight into the minds of CEOs, providing deep insights into what keeps them awake at night as well as offers them hope about the future.”

He noted that more Ghanaian CEOs participated this year, making the results broadly reflective of CEO community views. Top concerns include economic performance, geopolitical risks, AI/GenAI integration, and climate change impacts.

Ashiagbor elaborated that Ghanaian CEOs, like their global counterparts, face both short-term shocks and slow-burn long-term developments with profound business implications.

“What the findings from the survey confirm is that shocks do not only throw up challenges they produce opportunities too. And CEOs see these opportunities. However, not all businesses are agile enough to pivot and take advantage of the opportunities that arise in the wake of these shocks,” he emphasised.

A Warning Against Complacency

Ashiagbor advised CEOs against complacency amid improved macro indicators.

“For instance, in the case of the Ghana results, CEOs’ optimism about economic prospects increased compared to the last survey we noted that the currency stabilised a little and inflation dropped. Our suspicion is that this optimism might have led more CEOs in Ghana to believe their businesses would survive the next decade without the need to reinvent their business models. If true, this could be fatal for most CEOs.”

Global Context

Globally, the survey weighted responses proportionally to each country’s GDP, but Ghana’s data was presented as unweighted. The report clearly stipulates CEOs must remain vigilant, adaptive, and innovative to thrive amid shifting macroeconomic tides.

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