Increasing Cost Of Doing Business In Ghana Worrying

The National Employers Association of Ghana is asking the government to immediately address what it describes as the numerous economic challenges affecting businesses in the country.

According to the association, the current environment within which they operate is harsh, rendering their businesses unprofitable.

The employers complain that although the government has undertaken some reforms to boost economic growth, the challenges they face persist.

They mentioned high-interest rates as the reason for their inability to secure financial support from the banks.

They also complained about the depreciation of the cedi against the dollar, which they said affects them especially those who import raw materials for their products.

The Ghana Employers Association is, therefore, asking the government and the Bank of Ghana to ensure that banks reduce their rates.

Speaking to Citi Business News during the 58th Annual General Meeting of the association, Former Chief Executive of the GEA, Alex Frimpong, says if the government fails to stabilize the economy many businesses will collapse.

“Businesses are failing; everything is against business owners. Electricity is still high, taxes and another high cost. It is too much and must be addressed immediately, he lamented”

The employers are also unhappy businesses are unable to meet their target due to inadequate revenue, forcing them to cut down on their production levels.

Addressing the concerns of the employers, Deputy Trade Minister, Carlos Ahinkorah assured that the various reforms being undertaken by the government would eventually ease the cost of doing business in the country.