KPMG UNDP Pre-Budget Survey Report

Foreword

The global economy continues to face an uncertain outlook. The IMF’s October 2026 World Economic Outlook projects global growth of 3.1% in 2026 and 3.4% in 2027, with global headline inflation projected at 4.7% and 4.1%, respectively. Geopolitical tensions, trade uncertainty and commodity-price volatility remain important considerations for Ghana, affecting export earnings, imported inputs and access to international finance.

Ghana enters the 2027 budget cycle from a stronger macroeconomic position, with growth remaining firm and inflation materially lower. It is encouraging that Government continues to maintain economic stability. Real GDP grew by 6.2% in the first half of 2026, with full-year growth projected at 5.7%, while inflation stood at 5.5% in October. The staff-level agreement on the first review under the IMF’s Policy Coordination Instrument provides a further basis for policy continuity. Reserve rebuilding, domestic revenue mobilisation and reform remain important to sustaining these gains. Businesses still have to manage credit risk, utility reliability, tax administration, working-capital pressures and uneven purchasing power. The 2027 Budget therefore needs to protect fiscal credibility while directing scarce public and private resources towards productive capacity, jobs and infrastructure that can be implemented and maintained.

Against this background, KPMG and the United Nations Development Programme (UNDP) have undertaken the 2027 Pre-Budget Survey to assess business conditions and obtain views on priorities for the national budget. Our survey and focus group study bring together the perspectives of businesses on measures that can support investment, employment and improved livelihoods. The report also considers how these priorities relate to Ghana’s development objectives and the practical requirements for implementation.

Andrew Akoto

Country Managing Partner

KPMG in Ghana

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Survey insights and priority policy considerations for Ghana’s 2027 Budget

The KPMG/UNDP 2027 Pre-Budget Survey was undertaken to obtain views on business conditions, fiscal policy and sustainable development priorities ahead of the national budget. The report draws on an online questionnaire and our focus group study to assess operational challenges, investment expectations and recommendations for Government. It is organised into Economic/Budget, Sustainable Development Goals and ESG, and an Appendix covering methodology and respondent profile.

The findings of the survey are presented under two broad themes: (a) Perceptions of the current fiscal policies in 2026 and the business environment; and (b) Priorities for the 2027 Budget.

Perceptions of the current fiscal policies in 2026 and business environment

Taxation and Compliance

Around 90% of respondents indicated that receiving advance notice of tax changes would improve their ability to plan. Complex filing requirements and multiple fees and levies from assemblies and agencies were also prominent concerns. Businesses need predictable rules, functioning refund and dispute-resolution processes, and practical guidance on the 2026 tax changes. Broader participation in the tax system should be supported by simpler procedures and clearer local accountability.

Energy

Only 36% described electricity supply as very or mostly reliable, while 47% reported occasional outages. Affordable and predictable tariffs emerged as the leading energy priority. Focus-group participants identified billing disputes and power interruptions as operational constraints affecting production and cash-flow planning. Better metering, distribution performance and transparent service standards are essential for reliable production.

24H+ Economy Programme and Productive Investment

Around 32% would consider investing or expanding under the programme, while 44% would do so subject to suitable incentives or enabling conditions, 14% needed more information and 10% would not participate. Access to finance, reliable utilities and predictable regulation ranked ahead of other investment enablers. Clear implementation guidance, credible demand, logistics and workforce arrangements will be important in converting interest into sustainable investment.

Cocoa and Public Spending

Timely payments to farmers and fair producer returns led cocoa-sector priorities, followed by local processing. In assessing the use of public funds, 44% expressed confidence, another 44% had low confidence, and 12% were neutral. Independent value-for-money audits, anti-corruption action and publication of project-level expenditure were preferred measures for strengthening accountability.

Investment, accountability and sustainable development priorities

Business Conditions and Growth

About 70% of respondents expressed confidence in their organisation’s growth prospects for 2027, while 47% reported improved operating-cost conditions. Nevertheless, our focus group study identified electricity and rental costs, together with weak purchasing power, as continuing pressures on business operations despite positive growth expectations. Enterprises therefore expect the Budget to translate macroeconomic improvements into more tangible benefits by supporting productive investment and improving access to customers.

Development Priorities

Jobs and youth employment were selected by 71% of respondents as a broader national priority, followed by the cost of living at 54%. Good health, quality education and clean water were the leading SDG areas. The results support continued investment in productive employment, human capital and essential services with adequate provisions for maintenance and effective delivery

Access to Finance

High interest rates ranked as the most significant borrowing barrier, followed by collateral and documentation requirements. Low-interest loans and government-backed guarantees were preferred support measures for small and medium-sized enterprises (SMEs). Participants highlighted high loan-processing charges and repayment periods that were poorly aligned with business cash flows. More effective financing support will require appropriate risk-sharing, transparent costs and practical assistance with applications and records.

Environment and Green Investment

About 90% perceived illegal mining to have a negative impact on the business environment. Respondents favoured stronger enforcement and prosecution of financiers, while about 68% supported green tax incentives even if these temporarily reduced revenue. Public support should protect productive resources, promote responsible activity and encourage additional, verifiable cleaner investment.

Priorities for the 2027 Budget

KPMG and UNDP note that enterprise finance, predictable taxes, reliable services, market demand and public expenditure quality are mutually reinforcing. The recommendations that follow focus on improving implementation of existing reforms, allocating scarce resources to feasible priorities and strengthening public accountability for results. The proposed New Economy agenda should be translated into an affordable, prioritised project pipeline with transparent reporting on delivery, jobs and productivity.