Over 60 percent of Chief Financial Officers (CFOs) in Ghana are less optimistic about Ghana’s economic growth prospects in 2016– the 2015 CFO Survey conducted by leading audit firm, KPMG has revealed.
According to the report, the general sentiments for growth prospects in 2016 are not encouraging.
Pointing out specific areas, the report indicated that the most pessimistic responses came from CFOs in the banking, manufacturing, food, beverages and tobacco, as well as oil and gas.
The rest are power and utilities, transport and logistics, insurance and the non-bank financial institutions.
From the figures, 85 to 100 percent of respondents in these sectors expected growth prospects for 2016 to remain the same as 2015 or worse.
In addition, about 80percent of CFOs in real estate, mining and aviation sectors expressed strong pessimism on growth prospects for 2016.
However, respondents from the public sector, media and entertainment, agriculture, and maritime expressed optimism about growth prospects in 2016.
On revenue, 64percent of CFOs expressed strong expectations for revenue growth in 2016.
Meanwhile, most of them pointed out that, reducing costs and improving cash flow are the critical measures needed for business expansion.
By; Lawrence Segbefia/citibusinessnews.com/Ghana