Chairman of the AGI, Tsonam Akpeloo speaking at an Accra-based radio station indicated, that the high cost of electricity and high loan interest rates are underlying conditions in Ghana which make business very harsh for entrepreneurs.
According to him, Government must do well to reduce the cost of power and the rate of interest for Ghana to have a better stand with competition in the business world.
“We realize that the entire environment to doing business is very harsh for the entrepreneur. The cost of power is super high, we are buying power 16 cents per kilowatt per hour for industry, that is so high compared to what happens in other parts of Africa.”
“The cost of credit hovers around 24 percent per annum that is so high. So overall, the cost of production is so high and it is making us look not good as far as competition is concerned.
Mr Tosonam also stated the need for the urgency of government action on the creation of a better business environment.
"What we are asking government to do is to continue to address some of these issues, they should reduce the cost of power. They should reduce the policy rate and ensure the commercial banks actually reduce the interest or the lending rate because that is very important for us.
“We realize that in the wake of the African Continental Free Trade Agreement, we are going to be competing with countries like Ethiopia. Ethiopia buys power around 6 cents.” Read Full Story
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