Business confidence dipped last quarter of 2015 – AGI

Business confidence in the economy for the last three months of 2015 dropped.

This is according to the latest Business Barometer survey by the Association of Ghana Industries – AGI.

The association launched the 4th Quarter report today. The Business Barometer Survey samples the views of top Chief Executives on the business environment.

The latest edition highlighted the cost and supply of electricity as the number one challenge for businesses between October and December 2015.

The base index for the survey is 100 and this dropped to almost 93.12 points.

Speaking with JOY BUSINESS the AGI President, James Asare Agyei said the increase in business confidence in the 3rd quarter of last year which saw the index move above the baseline gave a positive outlook about the economy.

He expressed disappointment about the dip saying it has negative implications for the economy.

The unstable currency was the second biggest challenge, followed by what some of the industry players referred to as “excesses taxes”, including mainly the Energy Sector as Levy.

Mr. Asare Agyei is therefore, impressing on government the need to consider assisting some key sectors of the economy like industry, which is in dire need of support to boost local manufacturing.

“We are therefore in discussions with government in respect of stimulus packages for Small and Medium Enterprises in particular, to shore up local manufacturing” he disclosed.