Business confidence in the country continues to worsen.
[contextly_sidebar id=”ctRUsp8JrCjXSdSZrWHbUO1NqiYl58Sx”]This is according to the Association of Ghana Industries (AGI).
According the AGI’s business barometer indicator business confidence took a nose dive in the first quarter of 2015.
The business barometer shows the state of business index with 100 as the base index.
It is calculated out of the current business mood and expectations for the future.
The 1st quarter of 2015 the base rate is at 85.0 base points which is below the base index of 100 having dropped by 13 base points as compared to last quarter of 2014 which stood at 98.0 base points.
Meanwhile 47% of captains of industry say business performance is getting worse, 35% said the performance has remained the same and only 18% say business performance has improved.
With employment expectations, 23% of captains of industry expected an increase, with 50% of them saying they expect the situation to remain the same, but 27% predict that there will be down seizing of staff.
The major challenges captains of industry say they faced in the economy in order of hierarchy were unavailability of power, cedi depreciation/ exchange rate volatility, access to credit, delayed payment, unfair competition on the market.
The Chief Executive Officer of the Association of Ghana Industries (AGI) Seth Twum Akwaboah who spoke to Citi business News called on government to work hard to resolve power crises.
By: Norvan Acquah – Hayford/citifmonline.com/Ghana