Ghana's government has officially shifted its economic focus from achieving macroeconomic stability to driving growth, investment, and job creation. Deputy Minister of Finance, Mr. Thomas Nyarko Ampem, confirmed this strategic pivot on August 17, 2026. This new direction aims to translate recent stability gains into tangible economic expansion and improved livelihoods for citizens.
The government's next phase of economic recovery will place the private sector at its core. Increased domestic production, local value addition, and export expansion are expected to fuel sustained growth. This strategy seeks to create quality jobs across various sectors, building on the foundation of improved economic conditions.
This policy change follows a period where Ghana successfully tackled high inflation and currency instability. The cedi has shown greater predictability, and interest rates have stabilized. These improvements provide a more certain business environment, crucial for attracting investment and encouraging productive activity. The government's fiscal discipline has also created more room for private sector engagement and growth initiatives.
Mr. Ampem made these remarks at the Association of Ghana Industries’ (AGI) second-quarter Business Barometer survey in Accra. He stressed that stability must now directly lead to industry growth and job creation. Stronger productive activity and employment will serve as key indicators of the economic recovery's success. This statement underscores the government's commitment to delivering concrete benefits from its stabilization efforts.
The government plans to strengthen domestic supply chains and increase local sourcing of production inputs. It will also focus on processing more of Ghana's raw materials domestically. Expanding access to international markets for locally produced goods forms another critical component of this growth strategy. These measures aim to boost local industries and enhance Ghana's export potential.
Lower inflation and greater stability in interest rates should translate into better business conditions. This includes reduced production costs and increased certainty for both households and enterprises. The government will also implement measures to lower the cost of doing business. Improving access to finance, especially for women-led enterprises through the Women’s Development Bank, is a priority.
Infrastructure development remains crucial, with plans to strengthen road and energy networks. The government also intends to remove unnecessary regulatory bottlenecks. Improving the efficiency of customs and port operations will further support business activities. These improvements are designed to create a more conducive environment for private sector investment and expansion.
Export support under the 24-hour economy programme will play a role in consolidating economic stability. Technology-driven tax compliance will also contribute to creating conditions for stronger private sector growth. These initiatives reflect a comprehensive approach to fostering a dynamic and competitive economy.
The AGI's second-quarter Business Barometer recorded a business confidence index of 108.7. This figure indicates continued optimism among businesses despite ongoing cost pressures and challenges in the real sector. The survey attributed this confidence to improving macroeconomic stability and trust in the government's economic management agenda.
However, businesses identified the high cost of electricity as their biggest operating challenge. This concern accounted for 19 percent of issues raised in the survey. Other significant challenges included the cost of raw materials, multiple taxes, and limited access to credit. Poor road infrastructure also remained a concern for many enterprises.
Mr. Seth Twum-Akwaboah, CEO of the AGI, highlighted the widespread impact of electricity costs. He noted that high power expenses affect manufacturing, services, and construction sectors. Small, medium, and large enterprises all face this issue, requiring urgent attention to protect production and competitiveness. Addressing these operational hurdles is vital for the government's new growth agenda to succeed fully.