This study examines the relationship between commodity price volatility and Output Growth in Nigeria and Ghana between 1990 to 2014. The Data for the study was sourced from Central Bank of Nigeria and Ghana Statistical Bulletins, World Bank Online Data Base and International Monetary Fund Online Data Base. The study employs E GARCH and Structural Vector Autoregressive Model as estimation techniques. Findings from the study show that unstable commodity price has adverse impact on Output Growth in Nigeria and Ghana except for oil prices which have positive and significant impact. Commodity price impact on Output Growth is higher in Nigeria than Ghana. Based on the research findings, the study therefore recommends that government should adopt Export promotion economic policies and diversify the economy in both Nigeria and Ghana to achieve sustainable economic growth.