A new survey conducted by PricewaterhouseCoopers (PwC) has revealed an overwhelming 95% of Ghanaians believe the country’s macroeconomic performance in the first half of 2025 either met or exceeded their expectations.

The survey, conducted online, offers a window into the public’s perception of the government’s handling of economic recovery and stability amid lingering global and domestic economic uncertainties.

The results, as captured in PwC’s mid-year Ghana Economic Sentiment Survey, suggest growing confidence in the country’s macroeconomic trajectory. This signals a crucial shift in public sentiment following years of economic turbulence that saw high inflation, currency depreciation, and fiscal imbalances. “We’re beginning to see a more optimistic outlook on the economy among Ghanaians,” the report noted.

GDP Growth Expectations Remain Strong

Confidence in Ghana’s macroeconomic outlook is further underpinned by belief in the country’s ability to meet its 2025 growth targets. According to the survey, 68% of respondents expressed confidence that Ghana will either meet or surpass the real Gross Domestic Product (GDP) growth target of 4.0% for the year. This optimism appears to be backed by ongoing fiscal discipline, improved revenue mobilization, and targeted investments in productive sectors such as agriculture, manufacturing, and digital infrastructure.

While this level of public confidence is encouraging, experts caution that GDP growth needs to be accompanied by inclusive development and job creation to be fully impactful. Nonetheless, the findings suggest that economic stability is becoming more visible and tangible to the Ghanaian population.

Inflation Drop Not Yet Tangible to Many

Despite progress on inflation, with the Bank of Ghana targeting an end-of-period rate of 12% and the government aiming slightly lower at 11%, only 45% of respondents felt that the drop in inflation is reflecting in their daily lives. This points to a disconnect between headline economic indicators and household-level experiences, especially concerning prices of essential goods and services.

However, 62% of those surveyed believe that the inflation target will be met or even surpassed by year-end. This level of trust in the Bank of Ghana’s monetary policy interventions, including prudent interest rate management and forex market interventions, is a sign that public support for institutional performance is growing. The central bank, in particular, received praise in the report for managing the downward trend in inflation despite global headwinds.

Tax Policy: Progress, but Room for Improvement

In terms of fiscal policy, 60% of respondents believe that the tax policy environment in the first half of 2025 was generally supportive of economic activity. The government’s attempt to broaden the tax net, streamline exemptions, and improve compliance through digital tools appears to be paying off. However, the same survey found that 25% of participants described their tax administration experience as unsatisfactory, highlighting gaps in efficiency, communication, and taxpayer engagement.

These mixed reactions underline the need for further tax reforms that focus not just on policy direction but also on the ease and transparency of tax administration. With an economy striving to build resilience through domestic revenue mobilization, public trust in the tax system is indispensable.

Overall, PwC’s findings suggest a cautiously optimistic national mood. Two-thirds of respondents expect Ghana’s macroeconomic performance in the second half of 2025 to remain stable or improve further. The key challenge, however, lies in translating macroeconomic gains into tangible benefits at the micro level — particularly for households and small businesses.