Businesses are seeing some relief from falling interest rates, tax measures and a stable exchange rate. But the CEO of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, says production costs still need improvement.
Speaking on Joy News’ PM Express Business Edition on Thursday, he said conditions had improved compared with previous years.
“Relatively, business has been good. Things are a bit better as compared to previous years.”
He described the 2026 budget as largely business friendly. He said tax relief benefited businesses and consumers, while declining interest rates eased production costs.
“So largely, the cost of production is relatively better. It could have been better in a way.”
Mr Badu-Aboagye also linked single-digit inflation partly to restraint in business pricing. He said businesses had not been increasing their prices excessively.
The host challenged that assessment, saying people’s experiences could differ depending on what they bought.
Mr Badu-Aboagye said the national average provided the basis for his assessment.
“No, so that’s why we use the average. So the national average is 5.5 per cent.”
He acknowledged that the figure did not reflect every experience. Some regions, he said, had inflation above the national average. Overall, however, he considered prices relatively stable.
He identified exchange rate stability and production costs as significant contributors to the inflation figure.
But he added a caveat. Inflation for locally manufactured goods had edged up, showing that improved business conditions were still incomplete.
“If you look at the numbers, the cost of locally manufactured goods, the inflation for it went up a bit, which should tell you that we are still not out of the woods yet.”
He said further cost reductions, alongside the tax relief already received, could have lowered the cost of locally manufactured goods and pushed inflation down.