Business industry optimistic economy will bounce back

The Commerce sector is hopeful that the policies put in place by government to arrest the weakening economy will yield results in order for Ghana to claim its position as one of the fastest growing economies of the world.

Head of Human Resource and Corporate affairs Directorate of PZ Cussons, Charles Janney, made this observation in an interview at the launch of the company's ultra-modern retail outlet in Tema, one of many across the regions in the country.

Once a shining example of economic growth in Africa, Ghana is struggling with high inflation and its currency, the cedi, has slumped 40% against the dollar this year.

Ghana has become the second country in sub-Saharan Africa to request help from the IMF this year after Zambia turned to the Washington-based body in June.

Despite large oil deposits and a wealth of raw materials such as gold and cocoa, growth has been hit by government overspending and inflation is now running at 15%.

Despite the economic difficulties the Head of Corporate Affairs of PZ Cussons, said even though they are heavily paying for the cost of doing business in Ghana, they are optimistic that with the effort Government is putting in to stabilise the cedi, when things go through, the potential will yield the results they are looking up to.

He said nevertheless they are trying to keep the price of their goods in range with their target market.

Speaking on the Tema retail outlet dubbed “Cool world Electrical Retail store”, Mr. Janney said, PZ Cussons was motivated by the need to enhance the lives of its consumers with quality value and innovation, which has been proven through its existing categories and range of exciting brands.

He added that,not only does the facility offer a world class electronics and appliances showroom but a place for networking, business, entertainment and relaxation.

The Tema retail outlet is the 5th of such outlets to be opened in the country after, Accra, Tema, Kumasi, Tamale and Takoradi.