Managing Partner of Konfidants, Michael Kottoh, has observed a gradual improvement in business confidence under the current Mahama administration, following years of economic turbulence.
Speaking during a special panel review of President John Dramani Mahama’s first 120 days in office on Channel One TV on Wednesday, May 7, 2025, Mr. Kottoh discussed the state of trade and business in the country, highlighting how economic challenges—such as the domestic debt exchange programme and banking sector issues—had significantly dampened business sentiment beginning in 2022.
However, he noted that recent macroeconomic stability has contributed to renewed optimism within the business community.
“If you look at the state of the economy in the last 120 days, you can ask business people if the microeconomic trajectory has restored businesses some level of confidence. Because you need to start from there.
“If there’s no business confidence, industry will not thrive, or they will be cautious even if they are investing. I think we have seen some microeconomic stabilisation,” he stated.
He emphasised that without confidence, businesses are unlikely to invest, expand, or create jobs, even if broader economic indicators show signs of recovery.
“The rates are still high overall, but they are trending downwards. I think overall, that has injected some confidence into the industry. So, I think that is important. We can talk about all the micros, if the microeconomy situation is bad, and there’s no business confidence, industry is not going to invest. They are not going to employ, they are not going to create jobs. They’re not going to be able to pay taxes.”
Mr. Kottoh underscored the importance of stable economic management in fostering an environment conducive to private sector growth.
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