Ghana’s improving macroeconomic stability is beginning to yield tangible benefits for businesses and households, although the full micro-economic impact will take more time to materialise, a Technical Advisor at the Ministry of Finance has said.

Speaking on the JoyBusiness Roundtable Discussion held today on the theme "Mahama at 16 Months: Do Economic Narratives Match Real-Sector Outcomes?" , Frederick Amissah acknowledged the typical lag between macroeconomic recovery and its translation into everyday livelihoods. However, he stressed that early signs of progress are already evident.

“There is a lag between macroeconomic improvement and its translation into micro impact,” Mr. Amissah noted. “But there is no way you can impact the lives of your people—businesses, firms, individuals—without first stabilising the economy. That is what we have done, and the stability is being experienced.”

He explained that the government’s priority has been to restore macroeconomic stability as the foundation for broader recovery, adding that key indicators are now reflecting this progress.

While improvements in employment and other micro-level indicators remain gradual, Mr. Amissah pointed to notable easing of price pressures, particularly a significant reduction in producer price inflation.

Growing stability shaping public expectations

According to Mr. Amissah, the growing stability is also influencing the expectations of Ghanaians, who are now demanding more visible gains from government.

“Ghanaians are getting used to the stability being enjoyed and are demanding more from government,” he said.

He observed that after a prolonged period of instability and policy uncertainty, businesses are adopting a cautious but increasingly optimistic stance.

“When stability returns after such a period, businesses want to be sure it is sustainable before they expand. But we are beginning to see that confidence building,” he added.

Targeted interventions on the horizon

Mr. Amissah disclosed that the government is set to roll out targeted interventions aimed at deepening the impact of macroeconomic gains on the real economy.

“These policies will focus on easing the burden on businesses—particularly in areas such as energy and lending rates—so that firms can feel the impact of stability and scale up their operations,” he explained.

He also cited the Bank of Ghana’s Business Sentiment Survey and recent industry feedback as evidence of improving business sentiment, describing this as a key signal of progress.

GUTA reports price reductions

On the ground, Mr. Amissah said there are already noticeable improvements in prices of goods and services. He referenced reports from the Ghana Union of Traders Association (GUTA), which indicate reductions in the prices of several goods, including fuel, as well as observations from market leaders and business groups suggesting easing cost pressures.

“Even though inflation remains positive, we are seeing actual reductions in prices in some areas, and that shows the impact of the stability,” he said.

Mr. Amissah maintained that while the full transmission of macroeconomic gains takes time, the current trajectory suggests benefits are beginning to reach businesses and households.

“Yes, the transmission takes time, but we are already feeling the stability seen in 2025 and continue to experience it this year,” he added.

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Macro Stability Brings Early Gains, Bigger Impact Still to Come – Finance Ministry Advisor

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