GNCCI Urges Gov’t to Prioritise PPPs Over Borrowing

By Praisebell Rosemond Larbi

The Ghana National Chamber of Commerce and Industry (GNCCI) has called on government to scale up the use of public–private partnerships (PPPs) as a central financing strategy for national development, warning that a premature return to heavy borrowing could undermine Ghana’s fragile fiscal stability.

Addressing participants at the 6th Chamber National Dialogue Series in Accra, GNCCI President, Mr. Stephane Miezan, said the private sector particularly domestic investors, remains an untapped resource for long-term capital mobilisation. He stressed that deepening private participation in infrastructure development offers a more sustainable path than relying on loans that could push the country back toward debt distress.

The Chamber National Dialogue Series, an annual gathering of policymakers, economists, industry leaders and academics, examined the 2026 National Budget and its implications for private sector growth. This year’s discussions centred on the government’s fiscal direction, job creation prospects and measures intended to consolidate stability following significant macroeconomic gains in 2025.

Mr. Miezan cautioned that although the 2026 Budget presents well-defined strategies for macroeconomic consolidation and growth, the success of these measures will depend entirely on execution. He noted that past budgets had contained promising policy frameworks that ultimately failed to materialise due to weak implementation.

“We believe it is too early in the day to start accruing debt,” he warned, reacting to the government’s stated intention to cautiously re-enter domestic borrowing markets. He argued that Ghana requires more time to reinforce the stability achieved under the IMF program before taking on fresh debt obligations.

He highlighted three core pillars of the 2026 Budget, macroeconomic consolidation, expanded growth and job creation, and enhanced social and security investment and said that while these present meaningful opportunities for industry, they also demand vigilance, structured engagement and continued advocacy from the private sector.

Mr. Miezan reaffirmed the Chamber’s commitment to supporting national efforts to deepen competitiveness, reduce the cost of doing business and strengthen productive capacity within the real sector. He added that the GNCCI would continue to champion institutional reforms and help businesses leverage opportunities under AfCFTA and other global markets.

“We remain committed to working collaboratively with all stakeholders to ensure that national policies translate into tangible outcomes for Ghanaian enterprises,” he said.

Economist and University of Ghana lecturer, Professor Patrick Opoku Asuming, also underscored the potential for a more supportive business environment in 2026. He pointed to the government’s proposed VAT reforms, improved macroeconomic targets and renewed commitment to expenditure discipline as signals of an emerging growth-oriented fiscal posture.

Prof. Asuming said businesses would welcome the government’s decision to maintain a primary balance aimed at reducing the overall deficit, noting that it reflects attempts to stabilise an economy recovering from years of volatility. He added that the 2026 Budget indicates a shift toward easing some of the fiscal constraints that characterised 2025.

“There seems to be an attempt to move the handbrake a little to get the economy moving,” he observed, suggesting that the reactivation of key flagship programs could offer renewed momentum for the private sector.

Speaking on the budget’s infrastructure strategy, Mr. Yaw Appiah Lartey, Partner for Strategy & Partnerships at Deloitte Ghana, described the 2026 fiscal plan as a deliberate attempt to stimulate economic activity following a year dominated by stabilisation measures. He noted that government had spent much of 2025 correcting prior-year overspending and meeting IMF-required targets.

Mr. Lartey highlighted government’s plan to significantly increase capital expenditure from a projected 36 percent in 2025 to almost GH¢60 billion in 2026, representing a bold shift toward growth-enhancing investments, including major allocations to the Big Push initiative and several strategic infrastructure projects.

However, he issued a strong caution: the ambitious infrastructure drive must not depend on high-cost borrowing, which has historically deepened Ghana’s debt vulnerabilities. According to him, successfully mobilising private sector capital through structured PPP arrangements will be essential to preventing a slide back into fiscal distress.