As Finance Minister Dr. Cassiel Ato Forson prepares to present the 2026 Budget and Economic Policy, Ghana’s private sector is calling on the government to focus on five key priorities that could accelerate the country’s economic recovery and sustain business confidence.
According to findings from the KPMG–UNDP 2026 Pre-Budget Survey, businesses across sectors acknowledge Ghana’s recent progress in achieving macroeconomic stability but emphasize the need for policies that deliver tangible improvements in the real economy.
Firms want access to affordable credit, stable energy supply, a simplified tax regime, stronger SME support, and incentives for sustainable growth.
“Stability must now translate into productivity and competitiveness,” the survey summary noted. “The 2026 budget should focus on unlocking finance, improving energy reliability, and strengthening the capacity of local enterprises.”
Access to Affordable Finance
Top among the private sector’s concerns is the high cost of credit and limited access to long-term financing, particularly for micro, small, and medium-sized enterprises (MSMEs).
Businesses are urging the government to introduce more concessional loan schemes, expand credit guarantee programmes, and provide targeted grants to ease liquidity pressures.
Respondents also called on the government to fast-track the operationalisation of the Women’s Development Bank, which is expected to increase financing for female-led enterprises, and to establish a Domestic Credit Rating Agency to improve transparency in lending markets.
“Affordable finance remains the single most critical factor for business survival and expansion,” one respondent said. “Without low-interest credit, many MSMEs cannot scale operations or create jobs.”
Reliable and Affordable Energy & Infrastructure
Businesses continue to identify unreliable power supply and rising energy tariffs as key constraints on growth and competitiveness.
The private sector is therefore advocating for a stable tariff regime, more investment in renewable and off-grid energy solutions, and a clear framework for energy cost recovery to avoid unexpected price adjustments.
Firms also urged greater investment in transport and digital infrastructure to reduce logistics costs and boost industrial productivity.
Many expressed support for the proposed Infrastructure Credit Guarantee Institution, which aims to leverage private capital for strategic projects such as industrial parks, logistics hubs, and port upgrades.
“Reliable power and efficient transport systems are non-negotiable for competitiveness,” the survey stressed. “They determine whether Ghana can attract and retain investment.”
Tax Reform and Simplification
Businesses are calling for comprehensive tax reform to make the system fairer, simpler, and more predictable.
They cited multiple and overlapping taxes, frequent policy changes, and unclear implementation timelines as barriers to long-term planning.
Respondents proposed streamlining existing levies, eliminating outdated taxes such as the COVID-19 Levy, and publishing an annual tax calendar to guide corporate decision-making.
The survey also recommends targeted tax incentives for manufacturing, green industries, and SMEs to spur domestic production and job creation.
“Simplifying the tax system will improve compliance, enhance revenue predictability, and reduce the cost of doing business,” the report noted.
SME and Skills Development
Recognising that SMEs account for the majority of employment and innovation in Ghana, the private sector is urging greater investment in technical and vocational training (TVET), apprenticeships, and workforce development.
Businesses also called for the creation of SME support desks in key institutions, backed by incentive schemes to promote growth-oriented enterprises.
They advocated stronger “Made in Ghana” procurement policies to strengthen local supply chains and increase domestic content participation in public projects.
“SME development should be a cornerstone of Ghana’s industrial policy,” the survey emphasized. “Skills and access to local markets are the foundation for inclusive growth.”
Sustainability and Green Growth
Sustainability has become central to corporate strategy, with many businesses aligning with global trends toward low-carbon growth.
Companies are therefore calling for green tax credits, climate finance incentives, and public–private partnerships (PPPs) to support renewable energy, waste recycling, and circular economy initiatives.
The survey suggests that green policies could become the next driver of competitiveness, helping Ghana attract environmentally conscious investors and reduce carbon intensity across industries.
“Green finance and sustainability incentives are no longer optional, they are the future of competitiveness and resilience,” the report added.
In summary, the private sector’s message to government is that, the 2026 Budget should consolidate macroeconomic stability by investing in the real economy, where businesses, jobs, and innovation drive sustainable growth.
