Ghana’s private sector is regaining its footing, with business and investor confidence showing marked improvement over the past six months, according to the Association of Ghana Industries (AGI).
In an exclusive interview, AGI Chief Executive Officer, Seth Twum-Akwaboah, attributed the renewed optimism to signs of macroeconomic stability, consistent policy direction, and improved engagement between government and the business community.
“Over the last six months, we’ve observed a notable boost in confidence among businesses and investors. There’s still work to be done, but the signs are encouraging.” he noted.
The remarks come amid broader efforts by government to stabilize the economy and rebuild trust following a turbulent period marked by currency depreciation, inflation, and constrained credit.
Confidence Rising, But Challenges Remain
While the positive sentiment is a welcome development, Mr. Twum-Akwaboah was quick to caution that sustaining investor and business confidence will require deliberate action on structural bottlenecks that have long plagued local industry.
“Sustaining this confidence will require continuous improvement in the business environment and stronger support for local industry,” he stressed.
He specifically cited persistent challenges such as high production costs, limited access to affordable credit, and bureaucratic delays as critical issues that need urgent redress.
Call for Stronger Industrial Policy
The AGI boss also called for targeted industrial policies aimed at bolstering manufacturing, innovation, and value addition areas he believes are essential for creating jobs and strengthening Ghana’s economic resilience.
“We need to be deliberate about supporting the industrial sector. Manufacturing, innovation, and value addition must be at the centre of our development strategy.” Mr. Twum-Akwaboah emphasized.
With global economic uncertainties and domestic recovery still in motion, Mr. Twum-Akwaboah’s comments reflect a cautious optimism among business leaders. For Ghana to fully capitalize on the improving confidence, he insists, policymakers must stay the course and deepen public-private sector collaboration.
