Nigeria's Capital Inflows Nearly Doubled. Ghana Hits Its Lowest Inflation in Years.
Two of West Africa's biggest economies are posting numbers that would have seemed impossible three years ago, and the contrast with the chaos of 2022 to 2023 could not be sharper.
Nigeria saw net capital inflows surge nearly 90% to $23.22 billion in 2025, driven largely by foreign portfolio investors chasing the country's high yielding local bonds. Inflation is on a clear downward path, from 23% in 2025 toward 14.9% in 2026 according to the World Bank. The Central Bank has begun easing its benchmark policy rate from the peak of 27.5%, and the naira has stabilized significantly. The World Bank did trim Nigeria's 2026 growth forecast to 4.1% from its earlier 4.4% estimate, citing higher energy costs from the Middle East conflict, uncertainty ahead of 2027 polls, and ongoing structural constraints. But about 60% of the continent's 47 tracked countries saw their forecasts revised downward; Nigeria's adjustment was modest by comparison.
Ghana's story is even more striking. Consumer inflation fell to 3.2% in March 2026, its 15th consecutive monthly decline and the lowest reading since the country rebased its price index in 2021. This is a country where inflation peaked at 54.1% in December 2022. The cedi gained nearly 50% against the US dollar in 2025, making it the world's best performing major currency that year, according to Bloomberg. The Bank of Ghana cut its policy rate to 14% in March 2026. Ghana is on track to exit its $3 billion IMF programme by August 2026.
Key Figures: • Nigeria capital inflows (2025): $23.22 billion, up 90% year on year • Nigeria inflation (2026 forecast): 14.9%, down from 23% • Ghana inflation (March 2026): 3.2%, a 15 month run of declines • Ghana cedi appreciation (2025): approximately 50% vs USD, world's top performer
