The Association of Ghana Industries (AGI) says business confidence is increasing, supported by measurable improvements in the macroeconomic environment.

Seth Twum-Akwaboah, CEO of AGI, made the observation as a panellist on Channel One TV‘s Quarterly Economic Outlook hosted by Bernard Avle.

Recent data support an improving credit environment. Real private sector credit growth was 14.9 percent in February 2026, reflecting an improving trend since the second half of 2025.

Private sector credit expansion moderated to 18.7 percent in February 2026, compared with 26.9 percent growth in the same period of 2025.

Economists say this trend reflects improved confidence in economic conditions and stronger expectations for growth.

One of the key drivers of the recovery has been the reduction in benchmark lending rates.

The Ghana Reference Rate, which serves as the base benchmark for commercial lending, declined sharply to 11.71 percent in March 2026, down from 14.58 percent in February.

However, average lending rates in the banking sector still hover around 22 percent, with final pricing dependent on individual borrower risk profiles.

Analysts attribute the improved credit environment to recent policy measures by the Bank of Ghana, including reducing the monetary policy rate to 14 percent in March 2026, aimed at stabilizing the financial sector and encouraging lending to productive sectors of the economy.

These improvements are also reflected in broader economic indicators. The Composite Index of Economic Activity recorded an annual growth of 8.4 percent in January 2026, indicating sustained economic momentum.

The Bank of Ghana attributes this to increased credit to the private sector, industrial production, and trade activities.

At the same time, both business and consumer confidence indicators have shown strong gains.

The Business Confidence Index rose to 110.1 in February 2026, up from 107.5 in December 2025, while the Consumer Confidence Index climbed to 117.7 from 116.4 over the same period.

For industry leaders, the increase in business confidence is more than sentiment; it is reflected in renewed investment and stronger production levels.

The latest figures suggest that Ghana’s industrial sector is regaining momentum, with improving access to credit helping businesses plan, invest and expand in a more stable economic environment.