The past couple of years have been challenging for Ghana to say the least. Recurrent power shortages, economic slowdown due to commodity prices drop are some of main issues people in Ghana were faced with on a daily basis.
As a result, consumer confidence has been low and very volatile in 2016. In fact, Ghana KIC score, KASI monthly consumer confidence index swung between -3 and +9 between June and November of last year, under performing against other countries. The uptick in confidence in November was a signal that people were looking for change and were optimistic about the outcome of the election.
It is not surprising that the confidence index reached its record high +33 after the election of new president last December. Looking ahead to 2017, people in Ghana have high expectations about the new government.
Our latest survey on the 2017 Africa priorities in six major urban centers in Africa uncovers some interesting findings. The majority of Ghanaians (94%) surveyed expects the government to have the biggest impact on their personal success. It is not surprising that respondents believe the government top 2 priorities for 2017 should be energy access and job creation. During his inauguration speech, the new president Nana Akufo-Addo promised tax cut and business incentives to boost the economy.
Ghana ranks 108 on the World Bank Doing business ranking and providing a business-friendly environment should boost private enterprise in Ghana and hence improve the economy. When it comes to private sector priorities in 2017, 97% of surveyed Ghanaians say job creation should be the top priority.
As far as what major events people expect in 2017, weddings and babies come way ahead of social unrest or elections. It really seems like a happy ending love story for Ghana.
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