Don’t rush back to capital market – GNCCI to gov’t

The Ghana National Chamber of Commerce and Industry (GNCCI) is urging the government to reconsider its plan to return to the domestic capital market, warning that such a move could limit private-sector access to credit.

During the presentation of the 2026 Budget, Finance Minister Cassiel Ato Forson indicated that the government intends to re-enter the domestic market as post–DDEP restrictions expire.

The aim, he said, is to refinance existing debts, extend maturities, and reduce rollover risks, not to accumulate new expansionary debt.

However, GNCCI President Stephane Miezan, speaking at the Chamber’s 2026 budget review seminar, cautioned that doing so now could intensify competition for funds and crowd out private businesses already struggling under tight credit conditions.

He argued that it is too early for the country to begin accumulating additional debt.

Miezan also called on the government to integrate companies previously supported under the One District, One Factory (1D1F) initiative into the new Agro-Processing Parks planned under the 24-Hour Economy agenda.

He further urged faster implementation of tax reforms proposed in the 2026 Budget to support industrial development.

On taxation, he noted that although the effective VAT rate is set to drop from 21.9% to 20%, it remains too high for many businesses.

He appealed to the government to reduce taxes that directly affect productive and non-extractive sectors, including corporate taxes and utility costs.

The GNCCI emphasised that the success of the 2026 Budget depends on proper implementation.

Miezan called on the government to ensure that all policies and programmes outlined in the budget are fully executed to strengthen business confidence and support economic recovery.