The Ghana National Chamber of Commerce and Industry (GNCCI) has called on the government to explore public–private partnership (PPP) options instead of borrowing.
Mr Stephane Miezan, President of the Chamber, said this could include partnerships with domestic private sector investors as an alternative to additional borrowing.
Mr Miezan was speaking at the 6th edition of the Chamber National Dialogue Series in Accra.
The Dialogue Series is designed to bring policymakers, industry leaders, academics, and experts into one shared space to exchange insights into critical national issues.
This dialogue focused on the review of the 2026 National Budget, its orientation, policy direction, and, most importantly, its implications for private sector development.
The president called on the government to remain steadfast in ensuring that the budget was effectively implemented to improve the economy.
He said, “Over the years, we have observed well-designed policies presented in national budgets but left unimplemented.”
He urged the government to reconsider plans to re-enter the domestic bond market, even with a cautious approach, to avoid a return to debt distress.
“We believe it is too early in the day to start accruing debt,” he added.
He said the 2026 Budget, as outlined by the government, seeks to consolidate the macroeconomic stability achieved in 2025, strengthen fiscal discipline, and accelerate inclusive growth under three foundational pillars.
These are macroeconomic consolidation, expanded growth and job creation, and enhanced social and security investment.
He said these commitments, if effectively implemented, present opportunities for industry, as well as areas requiring vigilance and strong advocacy.
GNCCI will continue to champion a business-friendly environment, one that reduces the cost of doing business, boosts productive capacity, strengthens institutional frameworks, and unlocks new markets under AfCFTA and beyond.
“We remain committed to working collaboratively with all stakeholders to ensure that national policies translate into tangible outcomes for Ghanaian enterprises,” he added.
An economist, Professor Patrick Opoku Asuming, projected a more business-friendly environment for Ghana in 2026.
He cited the government’s planned VAT reforms, improved macroeconomic targets, and a stronger commitment to fiscal discipline.
He said the business community was likely to welcome the government’s intention to keep expenditure under control while pursuing a primary balance to reduce the overall deficit.
According to him, the measures signal a deliberate effort to stabilise the economy after years of turbulence.
Prof. Asuming said the government appeared ready to ease restrictions and accelerate economic activities by reactivating key flagship programmes.
He explained that it marked a shift from the tight fiscal conditions experienced in the current year.
“There seems to be an attempt to move the handbrake a little to get the economy moving,” he said, adding that businesses would be encouraged by the renewed focus on growth-oriented initiatives.
Mr Yaw Appiah Lartey, Partner for Strategy & Partnerships at Deloitte Ghana, described the 2026 Budget as a deliberate plan by the government to stimulate growth after stabilising the economy in 2025.
He explained that much of 2025 was spent addressing the spillover effects of overspending from the previous year and meeting critical IMF-guided macroeconomic targets.
He said the government’s decision to significantly increase capital expenditure from a projected 36 percent in 2025 to nearly GH¢60 billion in 2026 shows a renewed focus on infrastructure and growth-oriented investments, including major allocations to the Big Push initiative and other strategic projects.
Mr Lartey cautioned that the ambitious infrastructure drive must not be fuelled by expensive borrowing, which had historically worsened Ghana’s debt situation.
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