The President of Entrepreneur Foundation, Ato Sam Gaisie has charged government to set up a 500 million dollar special fund for private businesses to help sustain their operations due to the current economic challenges.
[contextly_sidebar id=”KexYDncLs3Y4o8hhAg25CkgIW9LHduJA”]Several businesses have laid off thousands of workers to cut cost, while others are folding up due to the increase in their cost of operations and the unfavorable business climate.
The performance of the cedi against major trading currencies, high interest rate, high inflation and erratic and high cost of power have been identified as the cause of Ghana’s dire economic situation.
Speaking at the quarterly Graphic-Fidelity Economic Dialogue series, Mr Ato Sam Gaisie said, “whether we call the current economic situation , a challenge or a crisis. It is important we find a robust solution to address these challenges. Indeed government has to be more candid and collaborate with the private sector to save the private sector”.
He dismissed suggestions that the private sector currently can source for funding from the Export Trade Agricultural and Industrial Development Fund (EDAIF) or other support schemes due to the enormity of the current economic challenges.
“Clear indications are that the economic outlook and business confidence will worsen if steps are not taken immediately to stabilize Micro Economic conditions. Businesses continue to incur huge foreign exchange losses while industries continue to shrink. With the rising cost of doing buy accutane online paypal business, businesses risk shutting down if the trend persist”, he stressed.
According to him the present economic conditions are not conducive enough to attract local and foreign investments which will generate the much needed employment.
The CEO of UT Bank and President of UT Group Prince Kofi Amoabeng called for the creation of a level playing field for businesses thrive.
Meanwhile a Deputy Minister of Trade and Industry, Murtala Mohammed identified corruption as one of the main challenges that needed to be addressed to ensure the country meets its potential.
“It is also important for us to understand the challenges that confront us and the need for us all regardless of our political persuasion to confront them with some fortitude and some dispassionate positions. Sadly in this country, everything we do, and my political party the NDC is also blamable, I’m not insulating any political party. It is also obvious that one other thing that affects our need to grow and to develop this nation is corruption”, he fumed.
The quarterly Graphic-Fidelity Economic Dialogue series started with the re-launch of the Graphic Business newspaper.
The CEO of the Ghana Investment Promotion Centre (GIPC) Mrs. Mawuena Trebah was the chairperson for the occasion while the Minister of Trade at the Presidency in charge of Private Sector development and PPP Rashid Pelpuo was also a speaker at the Forum.
By: Rabiu Alhassan/citifmonline.com/Ghana