Deputy Finance Minister Outlines Shift Toward Private Sector Growth Amid Rising Business Confidence

The Deputy Minister of Finance, Thomas Nyarko Ampem, has announced a strategic shift in the government’s economic agenda, transitioning from a primary focus on macroeconomic stabilization to a direct emphasis on growth, investment, and job creation. Speaking at the Association of Ghana Industries (AGI) second-quarter Business Barometer survey in Accra, Ampem revealed that the President John Mahama administration intends to leverage the current period of stability to catalyze private sector production and expand export capabilities. This pivot is designed to ensure that recovery efforts translate into tangible benefits for Ghanaian workers and entrepreneurs, moving beyond high-level fiscal indicators to real-world industrial expansion.

This policy shift comes at a time of cautious optimism within the business community. The latest AGI Business Barometer survey recorded a business confidence index of 108.7, indicating that Ghanaian firms are generally positive about the current economic direction despite persistent hurdles. However, Seth Twum Akwaboah, CEO of the AGI, has tempered expectations regarding some of the government’s more ambitious plans, such as the signature 24-Hour Economy policy. Speaking on the matter, Akwaboah cautioned that the policy requires a long-term vision and should be evaluated by its specific interventions rather than its title alone. He likened the initiative to a strategic industrial overhaul, noting that while the business community supports the concept, they are not expecting "overnight change."

To facilitate this growth, the Ministry of Finance is prioritizing the strengthening of domestic supply chains and the enhancement of infrastructure. A key component of this strategy involves reducing the cost of doing business and enhancing access to finance, particularly for women-led enterprises which often face significant barriers to credit. The Deputy Minister emphasized that while fiscal discipline remains a priority, it will now serve as a foundation for targeted infrastructure development that supports local production. By focusing on these pillars, the government aims to create a more resilient economy that is less dependent on imports and more capable of competing on the global stage.

Despite the positive outlook, significant structural challenges remain that could impede this growth-focused agenda. The AGI survey highlighted that the high cost of electricity and limited access to credit continue to be the primary concerns for businesses across various sectors. Addressing these utility costs is seen as critical for maintaining the competitiveness of Ghanaian products. As the government rolls out its next phase of recovery, the focus will increasingly be on how quickly these bottlenecks can be resolved to sustain the current momentum and fulfill the promise of a more robust, private sector-driven economy.