The Association of Ghana Industries (AGI) says the attempts by the government in the 2025 Budget Statement to stabilize the country’s macroeconomic environment is positive news and highly commendable by the business community.
The AGI admits that the budget presented by the Minister for Finance, Dr. Cassiel Ato Forson demonstrated a clear path and commitment by the government to restoring macroeconomic stability.
Chief Executive Officer (CEO) of AGI, Seth Twum Akwaboah says the measures outlined in the budget such as expenditure cut, tax cuts, fiscal discipline, debt reduction strategies, and other initiatives such as the Gold Board and Agricultural development, are clear signs of a commitment to restore confidence in the economy.
These efforts, Seth Twum Akwaboah says AGI finds to be very commendable since a stable economy is critical for businesses to plan and thrive.
“I see a lot of effort to bring confidence into the system, especially at the macro level, because for us as industries and businesses, macroeconomic stability is key. And the way the budget was presented, the government’s plan to cut down expenditure to reduce the debt burden, to introduce the Gold Board, and using agriculture as a stimulant,” Seth Twum Akwaboah remarked.
He continued: “From all indications, I could see a bit of effort to help stabilise the macroeconomic environment. For me, it is always the number one thing that macroeconomic stability must be achieved. If that is good, then it can help companies to plan and plan ahead. So that, for me, was very positive.”
He further admitted that the drop in the rates of treasury bills in recent weeks goes to buttress the efforts of the new administration to stabilize the economy, restore confidence, and create an enabling environment for the private sector to thrive.
Beyond economic stabilization, Mr. Twum Akwaboah expressed optimism about the government’s commitment to promoting Made-in-Ghana products through public procurement. He described this as a strategic move which, if effectively implemented, could significantly enhance local industries and drive economic self-sufficiency.
“One of the key things I want to emphasize is the government’s decision to use procurement to promote Made-in-Ghana goods. Even though there were no figures or clear directions on how this will be done, the mere mention of it is a very positive step,” he noted.
He urged further stakeholder engagement to refine and implement this policy effectively, suggesting that the government could leverage its tax revenue and public procurement system to prioritize Ghanaian products.
While the AGI acknowledges the budget’s limitations and areas requiring further clarity, Mr. Twum Akwaboah maintains that the overall direction is promising. He stressed the need for continuous dialogue with the government to ensure that these policies translate into real growth for local businesses and industries.
