Ghanaian businesses have remained resilient and cautiously optimistic about their performance in the first half of 2026, with improved macroeconomic conditions providing some relief to the private sector, the Ghana National Chamber of Commerce and Industry (GNCCI) has said.
Stephane Miezan, President of the GNCCI, said the first half of the year had been relatively good compared with the same period in 2025, citing improvements in the stability of the cedi, inflation, and interest rates. He observed that the improved economic conditions had created a better environment for businesses to plan, although global developments and domestic operating challenges continued to require caution.
He made the observation at a media forum powered by the Ghana Ports and Harbours Authority (GPHA), where he assessed the performance and prospects of Ghana’s business community.
Macroeconomic Recovery Lifts Business Confidence
The cautious optimism among Ghanaian businesses is underpinned by a broad-based improvement in key economic indicators over the past year. Inflation fell sharply from 23.1% in February 2025 to 3.2% in March 2026 – its lowest level since 1999 – before edging up slightly to 3.4% in April .
The Bank of Ghana reduced its benchmark policy rate from 27% to 14% between July 2025 and March 2026, a cumulative cut of 1,400 basis points, making it the lowest rate since July 2021 . This triggered a corresponding decline in average bank lending rates from over 30% to approximately 19.7% .
The cedi also strengthened significantly, with the US dollar selling rate improving from GH¢15.3 to GH¢10.95, while gross international reserves rose from $8.9 billion to $13.8 billion . Ghana’s economy displayed strong momentum, with real GDP growing 6% in 2025 – the fastest since 2019 – and expanding 8.4% in January 2026 alone .
These gains have translated into tangible fiscal improvements. Government generated GH¢124.8 billion in revenue and grants in the first half of 2026, narrowly missing its GH¢126.1 billion target by just 1.03% . The Finance Minister, Dr. Cassiel Ato Forson, described the first-half performance as “the strongest recorded in many years” .
Businesses Urge Caution Despite Gains
Mr. Miezan said businesses could not afford to be overly optimistic because developments in the global economy, including geopolitical tensions, could affect inflation, energy prices, and business operations in Ghana.
His caution is echoed by the central bank, which has warned that rising tensions in the Middle East could trigger oil price increases and import inflationary pressures . Ratings agency Fitch also projects that inflation will rise gradually towards the end of 2026 as exchange rate effects fade and higher oil prices feed into domestic prices .
The GNCCI Chief Executive Officer, Mark Baidoo-Aboagye, has previously noted that macroeconomic improvements are yet to fully translate into meaningful relief for businesses, citing structural cost pressures and time-lags in the economy .
“There is always a lag. Inflation may be coming down and exchange rates stabilising, but it takes time for these changes to reflect in the cost of doing business,” he explained .
He pointed out that lending rates, although reduced from previous highs, remain elevated at between 20 and 25% – among the highest globally – while the cost of local production remains significantly high, driven by expensive utilities, taxes, and financing costs .
Infrastructure and Connectivity Critical to Sustaining Investment
Mr. Emmanuel Doni-Kwame, Secretary-General of the International Chamber of Commerce (ICC) Ghana, indicated that the economy had achieved some level of stability, particularly in foreign exchange, which had improved predictability and created room for businesses to undertake longer-term planning.
He, however, cautioned that Ghana remained part of the global economy and could therefore be affected by international developments, particularly those affecting energy and trade.
Mr. Doni-Kwame said investor confidence was improving, stressing, however, that infrastructure and connectivity remained critical to sustaining investment.
He said businesses required efficient road, rail, and other transport networks to move raw materials from production areas to factories and finished goods to ports and markets.
He noted that inadequate connectivity could undermine Ghana’s efforts to attract and sustain investment despite improving investor confidence. “An investor whose raw materials are located in the middle of the country would consider the cost and efficiency of transporting them to factories and ultimately to the ports before committing capital,” he said.
He called for improved connectivity along major regional corridors, including the Abidjan-Lagos corridor, to facilitate trade and investment across West Africa.
Port Congestion Adds to Business Costs
Mr. Doni-Kwame further stated that the private sector also required improvements in sea transport and other logistics systems to reduce the cost and time associated with moving goods.
The urgency of this concern is underscored by recent developments at the Port of Tema. The Ghana Union of Traders’ Associations (GUTA) has urged the GPHA to act swiftly to address growing congestion at the port, describing the situation as having a “severe negative impact on businesses and adding significant costs to the import and clearing process” .
The congestion, attributed to unstuffed empty containers not being discharged at shipping line depots, has resulted in trucks queuing from the port entrance to the gates of the Regional Maritime University, with some drivers waiting nearly a week to offload their containers . GUTA warned that prolonged delays would expose importers to further demurrage charges and raise the cost of doing business, with increased expenses potentially transferred to consumers through higher prices .
The Importers and Exporters Association of Ghana has also appealed to the GPHA to expand port capacity to ease congestion, warning that persistent delays could undermine the gains made from the government’s Publican Artificial Intelligence Trade Solution .
Government’s Infrastructure Push
Government has responded to these infrastructure concerns with its Big Push Infrastructure Programme, under which work has commenced on 87 projects across all 16 regions, including 74 trunk roads and bridges, 10 urban roads, and three feeder roads .
The flagship project is the US$1.7 billion Accra–Kumasi Expressway, which the Finance Minister says will reduce travel time between Ghana’s two largest commercial cities to about two hours, improve road safety, ease congestion, and lower transportation costs .
The 176-kilometre six-lane expressway is designed as a modern economic corridor to improve connectivity between the southern and northern parts of the country, strengthen regional trade, and support ECOWAS transit activities .
Deputy Minister for Transport, Hon. Dorcas Affo-Toffey, has stated that the government has a clear vision to position Ghana as the leading, most efficient, secure, and sustainable maritime logistics hub in West Africa .
Sustained Stability Key to Full Impact
Mr. Doni-Kwame also called for measures to reduce delays at Ghana’s ports, particularly delays associated with inspections by multiple agencies, and proposed better coordination among the agencies responsible for inspections, saying a coordinated inspection timetable could reduce congestion and shorten turnaround times.
He said reducing delays at the ports was important because time and logistics costs ultimately affected businesses and consumers.
While acknowledging the positive trajectory, business leaders stress that sustainability of the gains is critical. Baidoo-Aboagye has emphasised that if macroeconomic improvements are maintained, businesses will begin to feel the full impact, but if they are short-lived, businesses will be reluctant to adjust .
The Fitch upgrade of Ghana’s credit rating to B with a stable outlook reflects growing confidence in the country’s economic trajectory, with real GDP growth projected to average about 5% through 2027 .
