Ghana’s Business Confidence Rebounds Under Mahama’s Macroeconomic Stability – Michael Kottoh

During a panel discussion on Channel One TV, Michael Kottoh, Managing Partner at advisory firm Konfidants, highlighted growing optimism among Ghanaian businesses under President John Mahama’s leadership. He said Mahama’s first 120 days have seen early signs of macroeconomic recovery, following years of turbulence that had seriously dampened investor confidence.

Kottoh explained that past challenges—like high inflation, a tough domestic debt exchange, cedi instability, and banking sector disruptions—left businesses cautious and risk-averse. However, the current environment is showing signs of stabilization, which is encouraging companies to rethink investment and hiring decisions.

He noted that interest rates, while still high, are gradually declining. This downward trend, he said, is being seen by industry players as a signal that things may be turning around, helping to rebuild trust in the economic system.

More importantly, Kottoh argued that confidence is the missing piece in Ghana’s recovery. Without it, even favorable macroeconomic data won’t translate into real business action—companies won’t invest, create jobs, or pay taxes unless they believe in the direction of the economy.

He wrapped up by stressing that maintaining macroeconomic stability is essential for long-term growth. Mahama’s current approach, according to him, is laying a solid foundation for private sector expansion and sustainable development in Ghana.

Source: Citi newsroom