Accra: The Ghana National Chamber of Commerce and Industry (GNCCI) has commended the government for what it described as bold and responsive actions taken within its first 120 days in office. The Chamber characterised these actions as a credible start to fulfilling the government's social contract with Ghanaians.
According to Ghana News Agency, in a statement signed by GNCCI President Stephane Miezan, the Chamber indicated that the period tested political will and policy direction, providing a crucial opportunity to restore economic confidence and ease burdens on businesses. It praised the swift abolition of economically constraining taxes, including the Electronic Transactions Levy (E-Levy), stating that the move revived digital transactions and improved business sentiment nationwide.
The Chamber acknowledged ongoing efforts to reform the Value Added Tax (VAT) system and urged the government to expedite the process. It cited optimistic macroeconomic indicators, highlighting inflation's decline from 23.5 per cent in January to 21.2 per cent in April 2025, and a reduction in the Ghana Reference Rate from 30 per cent to 23.99 per cent. These developments, it noted, were providing relief for businesses seeking capital.
It also remarked on the cedi's relative stability, noting its recent appreciation to GH?13.20 per U.S. dollar, attributing this to improved investor confidence and sound monetary policies-factors it described as key for business planning, input sourcing, and attracting investment.
The GNCCI applauded the government's efforts to streamline governance through reductions in ministerial appointments and cuts in non-essential public spending. 'These reforms, alongside renewed engagement with the private sector through platforms like the National Economic Dialogue, reflect the Chamber's call for fiscal discipline and an inclusive policymaking approach,' the Chamber said.
However, it expressed concern over recent utility tariff hikes-14.75 per cent for electricity and 4.02 per cent for water-warning that such adjustments could undermine the benefits of recent tax reliefs, especially for manufacturers and SMEs, and potentially destabilise the 24-hour economy initiative. 'While the Chamber acknowledges the necessity of cost-reflective tariffs, blanket increases without targeted relief for industry will stifle productivity,' it said.
It called on the Public Utilities Regulatory Commission (PURC) and the Ministry of Energy to implement industrial relief measures to help businesses manage additional costs. The GNCCI cautioned that, despite encouraging early signs, significant challenges remained. It urged the government to sustain its momentum by accelerating VAT reforms, stabilising energy costs, expanding domestic revenue mobilisation, promoting agro-industrialisation, reducing taxes, and addressing bureaucratic delays at ports to enhance business operations and attract long-term investment.
It reaffirmed its commitment to working collaboratively with the government and development partners to drive inclusive economic transformation.
