Business confidence in Ghana has been steadily rebuilding, with data showing a clear upswing in how companies view their prospects and the broader economy.
Figures from the Bank of Ghana’s Summary of Macroeconomic and Financial Data trace the climb in sentiment: the Business Confidence Index stood at 88.8 in September 2024, inched up to 92.8 in October and 96.6 in November, and by February 2025 had reached 99.7. It crossed into optimistic territory in March at 102.2 and continued climbing to 105.5 by June 2025.
The steady rise suggests firms are regaining trust in the environment they operate in, with confidence readings above 100 generally seen as a sign of optimism about near‑term prospects.
Part of that momentum is being driven by improved signals from the real economy. Ghana’s overall GDP grew 5.3% year‑on‑year in the first quarter of 2025, up from 3.6% in the final quarter of 2024. Growth was broad‑based, with industry expanding by 5.1%, services by 5.9%, and agriculture also recording gains. The Composite Index of Economic Activity (CIEA), which tracks economic pulse points such as port traffic and energy consumption, posted 6.0% annual growth in January and stayed positive through mid‑2025.
Easing inflation has added another layer of support to sentiment. Headline inflation, which had hovered around 23.8% in December 2024, steadily dropped to 13.7% by June 2025. Food price growth cooled sharply, from nearly 28% late last year to 16.3%, while non‑food inflation slid to 11.4%. These declines have softened cost pressures for firms and created more predictable conditions for planning and investment.
With output rising, inflation cooling, and broader signs of stability emerging, businesses appear more willing to look ahead rather than brace for shocks.
