Businesses point to cedi stability as critical to reviving confidence in economy

Businesses in Ghana want government to concentrate on stabilizing the Ghana cedi and reducing cost of borrowing to improve business confidence in the economy.

Their recommendation follows skepticism by the Finance Minister, Seth Tekper’s, claims that the economy is picking up.

The Association of Ghana Industries has said business confidence dipped significantly in the last quarter of 2015.

Checks by Joy Business also show that some foreign investors are still sitting on the fence because of concerns with economy.

Speaking on Business Trends with host George Wiafe, AGI Chief Executive, Seth Twum Akwaboah, says there are still a lot more that government can do to bring about the required confidence in the economy.

“We see some semblance of depreciation early this year and if we are able to keep it that way it will be great,” the AGI boss said.

Audio: AGI CEO presents concerns of industry on 'Business Trends'.

Speaking on the same program, Economist Dr Godfred Bokpin, said it might take some time before some of the achievements that government is talking about trickle down to the micro level.

He however adds that government should not see the improvement in the economy as an end to the current challenges facing the economy and businesses.

Executive Director of investment consulting firm, C-nergy Ghana, Mike Cobblah, also believes foreign investors are e still sitting on the fence because they want to see the results of government’s policy interventions before they make a move.

Click audio link to listen to Mike Cobblah.

He however maintained that some investors that his firm has engaged say the uncertainty surrounding this year’s elections has not affected capital attraction in the country.