The Ghana National Chamber of Commerce and Industry (GNCCI) has praised the government for its performance during the first 120 days, highlighting key pro-business policies that have helped restore economic confidence and alleviate pressure on businesses. In a press statement, the Chamber lauded President John Dramani Mahama’s administration for taking “bold and responsive actions” during a period often considered a critical test of political will and direction.
One significant accomplishment of the government’s early initiatives was the swift abolition of the Electronic Transactions Levy (E-Levy), which, according to the GNCCI, has revived digital transactions and improved overall business sentiment. The Chamber has also expressed support for ongoing reforms to the Value Added Tax (VAT) and has urged for their prompt implementation.
The GNCCI highlighted improvements in macroeconomic indicators. Inflation fell from 23.5% in January to 21.2% in April 2025, while the Ghana Reference Rate dropped from 30% to 23.99%, making access to credit more affordable. The Ghanaian cedi also showed signs of strength, appreciating to GHS 13.20 against the US dollar—a development attributed to improved investor confidence and sound monetary policy.
On governance, the Chamber welcomed efforts to reduce ministerial appointments and slash non-essential public spending. It also praised renewed dialogue with the private sector through platforms like the National Economic Dialogue, describing these moves as aligned with calls for fiscal prudence and inclusive policymaking.
However, the GNCCI voiced serious concern over recent hikes in utility tariffs—14.75% for electricity and 4.02% for water. According to the Chamber, these increases risk undermining the benefits of tax reliefs, especially for small and medium enterprises and industries pivotal to the government’s 24-hour economy vision.
“Blanket increases without targeted reliefs for industry will stifle productivity,” the GNCCI warned, urging the Public Utilities Regulatory Commission (PURC) and the Ministry of Energy to consider measures that cushion businesses from rising costs.
Looking ahead, the Chamber emphasized the need for sustained momentum and proposed a focus on stabilizing energy costs, deepening VAT reforms, improving port efficiency, boosting agro-industrialisation, and reducing taxes to attract long-term investment.
The GNCCI reiterated its readiness to work with government and development partners to promote inclusive and sustainable economic growth.
By: Nerteley Nettey
