GNCCI lauds govt’s bold start in first 120 days, urges sustained reforms

The Ghana National Chamber of Commerce and Industry (GNCCI) has praised the government. They highlighted key pro-business policies in the first 120 days. These actions have helped restore economic confidence and ease pressure on businesses.

In a press statement, the Chamber commended President John Dramani Mahama's administration. They noted “bold and responsive actions” during a critical political period. One major initiative was the quick abolition of the Electronic Transactions Levy (E-Levy). The GNCCI believes this has revived digital transactions and improved business sentiment.

The Chamber also approved ongoing Value Added Tax (VAT) reforms. They called for faster implementation of these changes. The GNCCI pointed out improvements in macroeconomic indicators as well. Inflation dropped from 23.5% in January to 21.2% in April 2025. The Ghana Reference Rate fell from 30% to 23.99%, making credit more affordable.

Additionally, the Ghanaian cedi appreciated to GHS 13.20 against the US dollar. This change is attributed to better investor confidence and sound monetary policy.

On governance, the Chamber welcomed fewer ministerial appointments and reduced public spending. They praised renewed dialogue with the private sector through platforms like the National Economic Dialogue. These efforts align with calls for fiscal prudence and inclusive policymaking.

However, the GNCCI expressed concern over recent utility tariff hikes—14.75% for electricity and 4.02% for water. They warned that these increases could undermine tax relief benefits, especially for small businesses vital to the economy’s growth.

“Blanket increases without targeted reliefs will stifle productivity,” said GNCCI officials. They urged the Public Utilities Regulatory Commission (PURC) and Ministry of Energy to provide measures that help businesses cope with rising costs.

Looking ahead, the Chamber stressed maintaining momentum in economic policies. They proposed stabilizing energy costs, deepening VAT reforms, improving port efficiency, boosting agro-industrialization, and reducing taxes to attract long-term investment.

The GNCCI reiterated its readiness to collaborate with government and development partners for sustainable economic growth.