The President of Suame Magazine Industrial Development Organisation (SMIDO), Mr. George Asamoah Amankwaa has warned of a possible lay-off of workers if the government does not resuscitate its cedi currency which continues to depreciate against international currencies.
Speaking to Hello FM�s Asante-Yeboah Benedict in an exclusive interview, Mr. Asamoah Amankwaa asserted that, the situation has had a precarious economic effect on transactions in the Suame magazine enclave to the extent that, some businesses could fold up temporarily until government proffers lasting solution to the re-occurring economic problem.
He disclosed that he has been receiving calls from members of the organization who have indicated to either quit or suspend operations.
Mr. Asamoah Amankwaa further chided the unfortunate manner Ghana Harbour Authority have also adopted the practice of charging goods in consonance with the prevailing dollar or pound rate in the country, adding �most businesses are compelled to cough extra money although they have not planned for such circumstance�.
�We are appealing to the policy makers to do something about it because it is not the best of practice in business,� he bemoaned explaining further that, �this situation demands we also increase are goods at every instance the dollar goes up which would also deter people from patronizing our goods�.
The SMIDO President underscored that the current economic situation in the country has compounded business activities to the point that, most businessmen are not able to import more goods into the country, thereby curtailing their profit margin.
He also noted that, most spare parts at the Suame Magazine region complains of high interest rate jumping between 25% to 40% charged by banks, which does not augur well for business operation.
He has therefore called on government to immediately do something to shoot up the cedi �before the depreciation of the cedi shoots them out of business.�
Source: Asante-Yeboah Benedict/Hello FM
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