Chief Finance Officers expect worse economic growth this year than 2015 -KPMG report

A large number of Chief Finance Officers in the country expect economic growth prospects to be worse this year than in 2015. Their concerns were captured in a new CFO survey report, put together by the accounting firm, KPMG.

The report engaged 67 Chief Finance Officers from organizations in the country about 67 Chief finance officers of various organizations in the country, between February to March this year.

The officers engaged, were working in the agriculture, aviation, insurance, banking, maritime, real estate sector power and utilities, transport and logistics, public and food and beverages sectors.

KPMG report also showed that the respondents expect this year to very challenging for them. The report, however, noted that a small number of the officers in the maritime, public sector, aviation, were optimistic about things improving in this year.

Most of them also saw, reducing their cost of operations as one of their biggest challenge going forward, because of the challenging economic environment.

Most of them, also saw the current energy crises, challenges with the Ghana cedi and economic environment is seen as the factors that will affect their growth.

For some analyst, the concern by a large number of Chief Finance Officers expect this year to worst than last year, could be described as interesting, especially when 2015 was characterized by weakening currency, a slowed GDP growth rate, protracted energy crises, increasing government borrowing and large.

The Ghanaian economy last year recorded a 3.9 percent growth rate. Government is forecast a growth rate of 5.4 percent.

However the IMF is looking at a more realistic growth of about 4.5 percent. In a related development Partner Advisory at KPMG, Andy Akoto, says the current challenge, shows managers of the economy must act fast the stabilize the situation.

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