The Association of Ghana Industries (AGI) has characterized the business environment in Ghana as persistently expensive, citing a notable disparity when compared to other countries in the West African sub-region.
Consequently, the AGI is urging the government to collaborate with the Bank of Ghana in an effort to mitigate inflation and lower interest rates.
Addressing the Joy Business Year Review 2023, Mr Twum-Akwaboah emphasized the necessity of creating a favorable business environment to deter further migration of companies to neighboring countries.
“Business people are not Father Christmas. So we base everything on the cost of doing business”.
“The increase in prices is not as a result of firms wanting an increase in profit. The increase in prices is a result of an increase in the cost of doing business, from duty payments to taxes that we pay through to the VAT [Value Added Tax] that is also cascading in the market. That’s what caused the high rise in prices”, he added.
He continued that businesses are very mindful of the election year, saying they are strategising to ensure fiscal prudence.
“Also going into the election year, we have to manage our expenditure, and fiscal discipline is very important”.