2024 was my most challenging year as a businessman – Dr Kwaku Oteng

Dr. Kwaku Oteng, President and Founder of Angel Group of Companies, has described 2024 as his most challenging year in business.

In an interview with Saddick Adams on Angel FM, monitored by Mynewsgh.com, he reflected on the struggles that came with the dramatic rise of the dollar, which escalated from GHS6 to GHS17 between 2023 and 2024.

The sharp increase in exchange rates severely impacted his operations, especially as many of the raw materials used in production are imported from countries like Canada and Holland.

Dr. Oteng admitted that the rise in costs forced him to pay significantly higher amounts to his creditors, as goods purchased on credit became increasingly expensive.

“2024 was my most challenging year as a businessman. From the way the dollar rose from 6 to 17 from 2023 through to 2024, things became very difficult for me. The truth is mostly difficult to say, especially when you are a businessman. 2024 was very hard for me. The exchange rate of the dollar rose from 6 through to 17. Most of the raw materials for production are imported from abroad. I buy alcohol from Canada and Holland for production. I was forced to pay higher amounts to my creditors for goods purchased on credit due to the sharp rise in exchange rates,” he stated.

Despite these hurdles, he remains committed to his business, acknowledging that the journey of a businessman is often marked by difficult truths and tough time

Watch the interview below:

-MyNewsGH