Business confidence in Ghana is bouncing back, thanks to macroeconomic stability under President John Dramani Mahama, according to Michael Kottoh, Managing Partner at advisory firm Konfidants.
Speaking during a Channel One TV panel discussion reviewing Mahama’s first 120 days in office, Kottoh said investor sentiment is gradually improving after years of economic turbulence.
He recalled how challenges like inflation, the domestic debt exchange programme, currency instability, and a banking crisis eroded business trust starting in 2022. However, recent signs of macroeconomic stability have begun to shift the outlook.
“In the past 120 days, we’ve seen a level of macroeconomic stabilization that’s bringing back business confidence,” Kottoh said. “Without confidence, businesses won’t invest, expand, or create jobs, even if the economic indicators look good.”
He acknowledged that while interest rates remain high, the current downward trend is boosting optimism within the private sector.
“The rates are still high, but the fact that they’re coming down has injected some hope into the industry,” he added.
Kottoh stressed that macroeconomic health alone isn’t enough to drive growth unless paired with strong business sentiment. He emphasized that a stable and predictable economy is key to encouraging investment, job creation, and sustainable private sector growth.
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