Osei Kyei Mensah-Bonsu has described as low in wooing investors due to the poor management of the economy.
The Minority in Parliament on Monday presented what it terms as the “true state of the nation address” stating high cost of doing business amidst power crisis.
The Minority among others observed that despite the opportunity given to the President to open up to Ghanaians on the real factors stalling the socio-economic development of the nation, he failed to do so.
According to the Minority Leader Osei Kyei Mensah-Bonsu, the rising cost of doing business arising from the huge taxes, high interest rates, the power outages which leads to reliance on very expensive diesel plant power generation and an ever weakening currency all are combining to make the Ghanaian business environment hostile and uncompetitive.
“Today, businesses are collapsing and throwing out employees and some are relocating to other countries in the sub-region,” he stated.
He however indicated that, “There is capital flight as investor and consumer confidence has plummeted. This is the real state of industry and one thought the President would have unveiled ingenious ways to stimulate growth in investor and consumer confidence.”