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Business confidence Business confidence in Ghana down - AGI

The report sampled the views of top Chief Executives in the business environment.

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The latest Afro Barometer report on business confidence in Ghana by the Association of  Ghana Industries (AGI) has said business confidence in Ghana in the fourth quarter dropped by4.17 basis points, citing cost and supply of electricity as the number one reason.

The AGI president, James Asare Agyei, reacting to the report on Accra based Cifi FM said: "We realized that increases in tariffs; electricity, water and other forms of taxes have further worsened business confidence that industrialists have in the economy and this is quite worrying and that is why we have called on the government to look at some key areas of the economy which requires boost. Cost of capital has become worrying situation. Apart from access, the cost of it if you are paying over 35 % is very worrying."

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The report sampled the views of top Chief Executives in the business community.

The report said confidence among top CEOs in the last three months of 2015 dropped from 97.29 points in the third quarter to 93.12 points in the fourth quarter.

On employment, the report said CEOs surveyed were not optimistic of the prospects of the economy. While 34% of them said they will employ, 49% of them said they will not employ. However, 17% of them said they will cut down jobs due to the present economic challenges.

In addition, about 17% of CEOs said the business performance will worsen, while 54% were hopeful the economy will improve.

Mr Asare Agyei in a separate interview with Joy Fm said AGI is in discussions with government for stimulus package for its members.

“We are therefore in discussions with government in respect of stimulus packages for Small and Medium Enterprises in particular, to shore up local manufacturing” he disclosed.

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