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May 7, 2026
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Global economic confidence plummets amid geopolitical turmoil and rising costs – ACCA-IMA Survey
Money
Policy
Growth
Key Points
- African countries are projected to lose up to 0.2 percentage points of GDP growth in 2026 due to the Middle East conflict.
- Africa's median inflation rate is expected to rise to 5% by the end of 2026, driven by global instability.
- The closure of the Strait of Hormuz has caused a 95% drop in maritime traffic, leading to surging energy and fertilizer prices, critical for African agriculture and trade.
- Global economic confidence plummeted in Q1 2026, reaching levels not seen since the height of the COVID-19 pandemic, largely due to escalating geopolitical tensions and commodity price hikes.
- Geopolitical instability has become the top risk priority for finance professionals, overshadowing economic and cyber risks, with rising operating costs and eroding trust in institutions posing significant challenges.
Why This Matters
Ghana, as an African nation, will directly experience the projected 0.2% GDP growth reduction and increased inflation, impacting its economic stability and cost of living. The surge in energy and fertilizer prices due to supply chain disruptions will severely affect Ghana's agricultural sector and overall trade, exacerbating existing economic pressures and necessitating careful policy responses to mitigate these shocks.
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