A recent 2026 Budget Survey conducted by KPMG has revealed an overwhelming plea from Ghanaian businesses for expanded access to affordable financing, targeted fiscal relief, and sustained policy continuity to support the country’s economic recovery.

The findings underscore a widespread liquidity crisis among Micro, Small, and Medium Enterprises (MSMEs), which continue to grapple with high borrowing costs, limited access to credit, and inadequate fiscal incentives.

According to the professional services firm, 85 percent of respondents said that the introduction of a grant or matching-fund scheme for SMEs would significantly or moderately improve their capacity to invest in technology, machinery, and business expansion. The survey’s insights highlight a deepening frustration within Ghana’s private sector, particularly among MSMEs that form the backbone of the nation’s economy.

SMEs at the Heart of the Credit Drought

The KPMG Pre-Budget Survey, which sampled perspectives from businesses across key sectors, paints a vivid picture of a private sector under pressure. Respondents repeatedly identified access to low-cost financing—through grants, soft loans, and credit-guarantee schemes—as the single most critical factor for sustaining growth and ensuring participation in government-led industrial and employment programs.

Businesses emphasized that despite recent macroeconomic stabilisation efforts, the prevailing high interest rate regime continues to choke operational viability. For MSMEs, which often rely on short-term credit for working capital and inventory financing, the situation is dire. “Liquidity constraints, coupled with limited access to credit, are stifling our capacity to expand and create jobs,” one respondent noted in the KPMG report.

KPMG’s analysis reinforces the sentiment that affordable financing remains the missing link in Ghana’s quest for sustainable private sector-driven growth. Many SMEs have either scaled down production or deferred investment decisions due to prohibitive lending rates from commercial banks.

Macroeconomic Stability Yet to Translate into Real Gains

While the survey acknowledges that Ghana’s macroeconomic stabilisation drive has yielded some positive results—such as reduced inflation, fiscal consolidation, and exchange rate stability—the private sector insists that these improvements have not yet translated into tangible benefits.

KPMG observed that many respondents recognised the government’s efforts to restore fiscal discipline and confidence in the economy, but also expressed concern that the benefits of these reforms have yet to reach the productive sectors. “The business climate remains fragile,” the report stated, adding that most companies are still struggling to recover from the shocks of recent years, including inflationary pressures and volatile foreign exchange conditions.

The firm’s findings indicate a strong appetite for policy continuity and targeted interventions that go beyond macroeconomic management to address sector-specific challenges. Businesses are calling for a more inclusive and pragmatic approach in the upcoming 2026 National Budget to accelerate industrial growth and competitiveness.

24-Hour Economy Needs Financial Backbone

An interesting revelation from the survey is the alignment between the private sector’s financing needs and the government’s flagship initiatives such as the 24-Hour Economy. Respondents highlighted that the success of such programs hinges largely on access to low-interest credit to support extended production cycles, infrastructure upgrades, and labour-intensive operations.

For MSMEs, participating in a 24-hour economic model would require capital investment in equipment, energy solutions, and human resources—investments they currently cannot afford without external financial support. “Without accessible credit, the 24-Hour Economy may remain aspirational,” the report cautioned.

This finding reinforces the need for the 2026 Budget to include innovative financing mechanisms such as public-private grant schemes, risk-sharing facilities, and expanded credit-guarantee programs through development finance institutions.

Beyond access to finance, businesses also demanded fiscal relief measures to cushion them from rising operational costs. These include tax incentives for local manufacturers, import duty waivers on raw materials, and reduction in energy levies. Such interventions, respondents argue, would provide the much-needed breathing space to sustain operations and reinvest profits into productive capacity.

The survey further highlights the importance of policy continuity, especially in industrial and agricultural programmes that have shown potential to boost productivity and employment. Firms cautioned against abrupt policy changes, noting that consistency is key to building investor confidence and ensuring long-term growth.

The KPMG 2026 Pre-Budget Survey serves as a critical bridge between the private sector and policymakers. Conducted annually, it provides evidence-based insights to guide government’s fiscal and economic decisions. This year’s report captures feedback from 58 respondents across finance, manufacturing, services, and agriculture, offering a balanced view of Ghana’s evolving business landscape.

The objective, according to KPMG, is to stimulate constructive policy dialogue that aligns government priorities with private sector expectations. The firm hopes the findings will inform not just the 2026 National Budget but also shape subsequent policy frameworks aimed at promoting inclusive and sustainable economic growth.

The message from Ghana’s business community is unmistakable: without access to affordable financing, macroeconomic gains risk losing their momentum. By expanding credit-guarantee schemes, introducing matching grants, and sustaining fiscal reforms, policymakers can unlock the productive potential of the private sector—transforming macroeconomic stability into real economic opportunity for all.