Lead Partner, Tax and Regulatory Services at Deloitte, George Ankomah, says government needs to work on the country’s exchange rate.
According to him, the cedi’s constant depreciation against the dollar has not been good for businesses.
Mr. Ankomah stressed that till the situation improves, government’s interventions to stimulate economic growth will not yield results.
He was referring to the Finance Minister’s announcement of tax waivers for some locally manufactured goods including sanitary pads and African prints.
Speaking on JoyNews’ Newsfile on Saturday, he said many businesses and entrepreneurs are worried about the situation.
“I have had interactions with some businesses who invested somewhere in 2014/2015.
“If you are doing a trading business you need to invest a million dollars and once you invest that money, it is converted to Ghana Cedis”, following which it depreciates reducing your capital.
[embedded content]He argued that while there are many economic opportunities in Ghana, investors do not feel motivated due to the prevailing economic conditions.
He further suggested that the government works on fixing the inflation crisis first.
He explained that inflation and the exchange rate situation are correlated, hence the need to fix the latter.
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