Editorial: Recent fiscal gains must translate into economic growth

The central message of the 2026 Pre-Budget Survey Report jointly released by KPMG and the United Nations Development Programme (UNDP) is that the private sector expects government to ensur recent fiscal gains are translated into tangible economic growth.

The report notes that fiscal consolidation and prudent monetary policy have restored stability, with inflation easing to 9.4 percent in September 2025 (8 percent in October 2025) from above 20 percent a year earlier and the cedi remaining steady on improved reserves.

Also, real GDP growth accelerated to 6.3 percent in the second quarter of 2025, buoyed by strong gold exports and private credit expansion. However, despite this progress, firms say the recovery has not translated into easier access to finance or lower operating costs.

That is why KPMG’s Country Managing Partner Andrew Akoto believes the next phase of Ghana’s economic management should move “from stabilisation to impact”, with policies that spur private investment and job creation.

For instance, to him the 24H programme must become credible, financed and be implementable levers for inclusive growth. In the survey, 62 percent of respondents were confident about continued economic growth but described their optimism as cautious.

They cite high borrowing costs, limited access to credit and concerns about the slow pace of policy implementation as major constraints. Respondents identified access to affordable and long-term finance as the top priority for the upcoming budget.

Energy reliability and tax reform ranked next among private sector concerns.

UNDP Resident Representative Niloy Banerjee said the report’s findings show that Ghana’s fiscal recovery has created a foundation for growth, but “structural bottlenecks still limit the competitiveness of smaller enterprises that drive employment and innovation”.

While confidence in government’s fiscal consolidation remains high, the private sector’s message is clear: stability alone is not enough. Firms want growth levers that translate macroeconomic progress into expanded production, new investment and sustained job creation.

The post Editorial: Recent fiscal gains must translate into economic growth appeared first on The Business & Financial Times.

Read Full Story