Strengthening Ghana’s Private Sector: Key Insights from the 2025 National Budget Discourse
The Ghana National Chamber of Commerce and Industry (GNCCI) recently hosted its first 2025 National Dialogue Series, titled “2025 National Budget Discourse: Implications for the Private Sector.” The event, held on March 18, 2025, at the Alisa Hotel in Accra, brought together a diverse group of business leaders, financial experts, and key stakeholders to analyze the impact of the national budget on Ghana’s private sector.
In her opening address, GNCCI the Ist Vice-President of the Chamber Dr. Mrs. Emelia Assiakwa, representing the President, Mr. Stephan Miezan underscored the importance of creating an enabling environment for businesses, particularly in the face of mounting economic pressures. She pointed to rising production costs, complex tax regimes, and high interest rates as critical obstacles to growth. Dr. Assiakwa also highlighted the Chamber’s commitment to fostering dialogue that leads to practical, business-friendly solutions.
Absa Bank Ghana Managing Director Dr. Edward N. Botchway reaffirmed its dedication to supporting local enterprises through accessible financing and tailored advisory services. Dr. Botchway emphasized that, in order to achieve sustainable development, it is essential for financial institutions and the business community to collaborate closely and share insights on best practices and innovations.
The forum featured Mr. Joe Jackson, CEO of Dalex Finance, and Professor Godfred Alafu Bokpin, an economist and Professor of Finance at the University of Ghana Business School, who provided expert perspectives on Ghana’s current economic landscape. Mr. Jackson noted that efficient fiscal management and the reduction of wasteful public spending are vital to creating a stable macroeconomic environment, while Professor Bokpin stressed the need for deliberate government support to nurture indigenous businesses. Both speakers called for a more holistic approach to budget planning—one that prioritizes private sector growth, local content development, and job creation.
A recurring theme throughout the discussions was the need for a fair and transparent tax system that encourages compliance and fosters long-term investment. Participants advocated for clear guidelines and simplified processes to reduce administrative burdens on businesses. They also stressed the importance of timely payments to contractors and suppliers, noting that delays in government obligations adversely affect cash flow and overall business confidence.
Another key topic was Ghana’s position within the African Continental Free Trade Area (AfCFTA). Panellists highlighted the importance of strengthening local production capacities, investing in modern infrastructure, and harmonizing regulations to make Ghanaian goods more competitive in regional and global markets. There was consensus that the private sector must seize the opportunities presented by AfCFTA, but only with concerted efforts by all stakeholders to remove barriers and reduce trade costs.
The event ended with a resounding call for continuous engagement between government, business leaders, and financial institutions. GNCCI pledged to maintain its advocacy for policies that support enterprise growth, encourage investment, and enhance Ghana’s competitiveness on the global stage.
