The Ghana National Chamber of Commerce and Industry (GNCCI) has called on the government to expand public private partnerships rather than resume heavy borrowing to fund national development projects.
GNCCI President Mr Stephane Miezan told business leaders and policymakers at the 6th Chamber National Dialogue Series in Accra that partnerships with domestic private sector investors could deliver the long term capital Ghana needs without pushing the country back toward debt distress. The dialogue series brings together policymakers, business executives, academics, and industry experts to examine pressing economic questions facing the nation.
Mr Miezan cautioned against the government’s intention to re-enter the domestic debt market, even cautiously, saying Ghana required more time to consolidate recent macroeconomic gains. He stressed that premature borrowing could undermine stability achieved through difficult fiscal adjustments during the past year.
“We believe it is too early in the day to start accruing debt,” Mr Miezan said during the event, which focused on the 2026 National Budget and its implications for private sector development.
The GNCCI president urged the government to ensure effective implementation of budget policies, warning that previous national budgets contained well crafted strategies that failed to materialise due to weak execution. He explained that the 2026 Budget aims to consolidate macroeconomic stability achieved in 2025, reinforce fiscal discipline, and accelerate inclusive growth through three core pillars: macroeconomic consolidation, expanded growth and job creation, and enhanced social and security investment.
Mr Miezan said these commitments, if fully implemented, present fresh opportunities for industry but also require vigilance, strong advocacy, and consistent dialogue with the private sector. He reaffirmed GNCCI’s commitment to supporting a competitive business environment that lowers the cost of doing business, improves productive capacity, strengthens institutions, and expands market access under the African Continental Free Trade Area (AfCFTA) and beyond.
The AfCFTA, headquartered in Accra, represents the world’s largest free trade area by number of participating countries, connecting 1.3 billion people across 55 African nations with combined economic output valued at 3.4 trillion dollars.
“We remain committed to working collaboratively with all stakeholders to ensure that national policies translate into tangible outcomes for Ghanaian enterprises,” Mr Miezan said.
Economist Professor Patrick Opoku Asuming, contributing to the discussion, projected a more business friendly climate in 2026, supported by the government’s planned Value Added Tax (VAT) reforms, improved macroeconomic targets, and renewed commitment to fiscal discipline. He said businesses would likely welcome the government’s plan to maintain expenditure discipline while pursuing a primary balance to reduce the overall deficit.
The approach, Professor Asuming noted, marks an attempt to stabilise the economy after years of turbulence. He added that the government appeared ready to ease restrictions and reactivate key flagship programmes to stimulate growth, representing a shift from the tight fiscal conditions experienced during the current year.
“There seems to be an attempt to move the handbrake a little to get the economy moving,” Professor Asuming said, noting that the business community would be encouraged by the renewed push toward growth oriented policies.
Mr Yaw Appiah Lartey, Partner for Strategy and Partnerships at Deloitte Ghana, described the 2026 Budget as a deliberate effort by the government to stimulate economic activity after stabilising the economy in 2025. He observed that much of 2025 was spent dealing with the effects of overspending from the previous year and meeting key International Monetary Fund (IMF) directed macroeconomic benchmarks.
Mr Lartey highlighted the government’s decision to significantly increase capital expenditure from a projected 36 percent in 2025 to nearly 60 billion cedis in 2026, reflecting a strong shift toward infrastructure expansion and growth enhancing investments. These allocations include major funding for the Big Push initiative and other strategic projects.
However, he cautioned that the ambitious infrastructure drive must not depend on expensive borrowing, which has historically worsened Ghana’s debt challenges. The warning echoed concerns raised by Mr Miezan about the risks of premature return to debt markets before the economy has fully recovered from recent fiscal pressures.
The dialogue comes as Ghana works to exit its IMF programme in May 2026, following a period of strict fiscal consolidation that saw the elimination of several taxes and maintenance of tight expenditure controls during 2025.
