President John Dramani Mahama has pledged continued government support for reliable power and sound economic conditions. This commitment aims to drive industrial transformation and attract significant capital investment. The President made these remarks during the commissioning of Nestlé Ghana's expanded evaporated milk production line.
The GHS 59 million modernization project at Nestlé Ghana's Tema factory will boost manufacturing capacity. It will also improve operational efficiency and supply both domestic and regional markets. President Mahama emphasized that predictable fiscal policies, controlled inflation, and stable foreign exchange rates are crucial for investor confidence.
This initiative aligns with Ghana's broader economic strategy to foster industrial growth and attract foreign direct investment. The government seeks to create an environment where businesses can thrive and expand. Such investments are vital for job creation and economic diversification across the nation.
President Mahama stated, "Capital goes where it is safe, but it stays and expands where there is stability and supporting infrastructure." He reiterated the government's focus on maintaining macroeconomic stability and upgrading key infrastructure. This approach seeks to ensure long-term industrial development.
Looking ahead, the government's focus on energy reliability and economic stability will be critical for sustaining investor interest. Businesses will closely monitor inflation trends and foreign exchange rates. These factors influence operational costs and profitability for companies like Nestlé Ghana. The Bank of Ghana's policy decisions will also remain a key indicator for market participants.
The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, earlier highlighted global economic challenges. These include persistent geopolitical tensions and elevated energy prices. Despite these global headwinds, Ghana's economy has shown considerable resilience.
Real Gross Domestic Product (GDP) grew by 6.0% in the second quarter of 2026. This growth was primarily driven by the services and industry sectors. While slightly lower than the 6.6% recorded in Q2 2025, underlying economic activity remains strong.
Consumer and business confidence also stayed positive, reflecting a relatively stable macroeconomic environment. Headline inflation increased modestly to 5.0% in August, up from 4.6% in July. This rise reflected utility tariff adjustments and higher crude oil prices.
Importantly, core inflation and inflation expectations continued to moderate. Headline inflation remains below the lower bound of the medium-term target band of 8 ± 2 percent. The Monetary Policy Committee (MPC) unanimously decided to maintain the Monetary Policy Rate at 14.0 percent.
The MPC assessed the balance of risks to inflation and growth as broadly balanced. Inflation is projected to move gradually back into the target band over the coming quarters. This cautious stance aims to manage economic stability amidst global uncertainties.
The government's continued focus on infrastructure development, such as reliable power, is essential. This supports industrial expansion and helps mitigate the impact of external shocks. The stability in key economic indicators provides a foundation for future growth.
Ghana's ability to maintain a stable economic environment despite global pressures is crucial. It reinforces investor confidence and supports ongoing industrialization efforts. The commitment to predictable policies and infrastructure upgrades remains central to this strategy.