Business confidence in Ghana strengthened in August 2025, with the index climbing to 107.5 from 105.5 in June, as companies met short-term targets and expressed renewed optimism about future prospects amid improving macroeconomic conditions.

This development was highlighted in the September 2025 Monetary Policy Report released by the Bank of Ghana (BoG).

At the same time, consumer confidence remained strong at 116.9, slightly below the 119.2 recorded in June, indicating continued resilience in household sentiment despite a modest decline.

According to the BoG’s latest business and consumer surveys, overall confidence levels continue to rise in tandem with the Purchasing Managers’ Index (PMI), which edged up to 50.8 in August from 50.2 in July. The improvement in the PMI reflects increased business activity, largely driven by higher new orders and stronger demand conditions.

Market analysts believe this positive trend could gain further momentum following the central bank’s recent 350-basis-point cut in the monetary policy rate to 21.5 percent—a move expected to reduce borrowing costs, stimulate private sector credit, and reinforce investor and consumer confidence heading into the final quarter of the year.

Economists, however, caution that maintaining this upward trajectory will depend on sustained fiscal discipline, lower production costs, and improved access to finance for businesses focused on expansion and job creation.