As President John Dramani Mahama’s administration marks its first 120 days in office, signs of growing business confidence are emerging, according to Michael Kottoh, Managing Partner of Konfidants.
Speaking during a special panel discussion on Channel One TV on Wednesday, May 7, 2025, Kottoh highlighted a shift in sentiment within the business community, crediting recent economic stabilization efforts for the positive outlook. This comes after a turbulent period marked by the domestic debt exchange programme and banking sector challenges that shook investor confidence starting in 2022.
Reflecting on the current economic landscape, Kottoh pointed out that while challenges remain, including high interest rates, the overall trend towards stability has encouraged businesses to begin considering growth and investment once again.
“The rates are still high overall, but they are trending downwards. I think that has injected some confidence into the industry,” he said, emphasizing the critical role that business confidence plays in driving investment, job creation, and economic recovery.
Kottoh noted that without this confidence, businesses are unlikely to expand, hire, or pay taxes, even if broader economic indicators improve. “You can talk about all the macroeconomic progress you want, but if the microeconomic situation is bad and there’s no business confidence, industry is not going to invest. They are not going to employ, they are not going to create jobs,” he argued.
The Konfidants partner also stressed that restoring business confidence is foundational to any long-term economic recovery, as it signals to the private sector that the environment is conducive to growth and stability.
As Mahama’s administration continues to push for economic reforms, the gradual return of business optimism could prove crucial in sustaining Ghana’s economic momentum and ensuring that recent gains translate into tangible benefits for both businesses and the broader economy.
