The Association of Ghana Industries (AGI) has described the cost of doing business in Ghana as still high compared to other countries in the West African sub-region.
It is therefore appealing to the government to work with the Bank of Ghana to reduce inflation and interest rates.
Speaking on the Joy Business Year Review 2023, Mr. Twum-Akwaboah said the business environment must be made conducive to prevent more firms from relocating to neighbouring 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”.
Credit: Jame Eshun