Ghanaian businesses say growth is still being held back by the rising cost of key production inputs, despite signs of improving stability in the broader economic environment.
This is according to the 2025 Business Environment and Competitiveness Survey released by the UK-Ghana Chamber of Commerce (UKGCC), which captured responses from more than 1,000 firms across 22 industries — a 40 percent jump from last year’s participation.
While many businesses acknowledged gains such as lower inflation, a more stable cedi, and improvements in infrastructure, management capabilities and political stability, the survey reveals that core structural constraints persist.
A major concern for businesses is the cost of expanding operations.
The report shows that 57 percent of respondents cite the high cost of land as a significant barrier to growth, making it the top constraint identified in this year’s survey.
The cost of machinery also highlighted by 57 percent and the cost of technology (56 percent) were similarly flagged as major impediments.
Manufacturers in particular pointed to the rising prices of locally sourced raw materials, which they say are increasingly shaping production decisions and forcing upward adjustments in pricing.
Although access to capital has improved, the report notes that small and medium-sized enterprises continue to struggle with securing affordable financing.
Energy supply reliability was seen as better than in previous years, but electricity remains expensive for most businesses.
The survey also reports progress on the regulatory front, with respondents recognising government efforts to enhance transparency, streamline business registration and tax processes, and reduce corruption-related delays.
The UKGCC says the 2025 findings signal a cautiously improving business climate, but one that still requires targeted action to unlock growth.
Overall sentiments expressed by businesses indicate a cautiously positive outlook. Many respondents observed that Ghana’s economic climate is stabilising, aided by lower inflation, a more stable currency, and declining interest rates.
Businesses also acknowledged improvements in infrastructure, management skills, telecommunications and political stability.
As a result, the proportion of companies who perceive Ghana’s business environment as trailing behind regional competitors fell from 69% last year to 58%.
Priority areas identified include lowering production costs, expanding affordable financing, deepening regulatory reforms, and supporting local firms to leverage opportunities under the AfCFTA.
Chairman of the UKGCC Executive Council, Anthony Pile, described the report as capturing business sentiment at a crucial moment of economic transition.
“The 2025 edition of the survey is particularly significant as it reflects the sentiments of businesses during a period of transition and recovery.”
He stressed that the high cost of land, machinery and raw materials must be addressed to ensure firms particularly SMEs can take advantage of emerging opportunities.
PwC Ghana Country Senior Partner Vish Ashiagbor also called for stronger collaboration between policymakers and industry to sustain reforms and strengthen investor confidence.
He highlighted the importance of continued collaboration between policymakers and the private sector, noting that deeper reforms will be essential to address long-standing bottlenecks, strengthen investor confidence and sustain inclusive growth.
Businesses surveyed also emphasised the need for further digitalisation of public services to reduce bureaucracy and called for greater support to help companies take full advantage of opportunities under the African Continental Free Trade Area (AfCFTA).
Respondents further stressed the importance of continued investment in technical and tertiary education to build a workforce capable of meeting Ghana’s future industrial needs.
About the Survey
The UKGCC’s annual Business Climate and Competitiveness Survey was first launched in 2019 and has been conducted every year since then.
The main purpose of the survey is to increase the understanding of opportunities and challenges that the Ghanaian market presents for UKGCC members and businesses generally, whether large or small, new or old, and across all sectors.
The survey provides a platform for businesses to provide key feedback on the health, confidence, intentions, and issues of businesses in Ghana and therefore, serves as the foundation for the UKGCC’s advocacy work.
The 2025 edition provides a comprehensive analysis of several important indications of the current business climate, as perceived by businesses, offering a data-driven look at the trends shaping the business landscape.
About the UKGCC
The UK-Ghana Chamber of Commerce (UKGCC) was established in 2016 with the support of the United Kingdom’s Department for Business and Trade (DBT) to promote trade between the United Kingdom and Ghana. It is the leading private sector organisation proffering trade and commerce support for UK and Ghana businesses.
The UKGCC is backed by the British and Ghanaian Governments through the British High Commission in Accra, the British Chambers of Commerce in the United Kingdom and the Ministry of Trade & Industry in Ghana.
The UKGCC is a two-time British Chambers of Commerce (BCC) International Chamber of the Year finalist, and 2023 BCC International Chamber of the Year.