The Chief Executive Officer of UT Bank, Prince Kofi Amoabeng has said that Ghanaï¿½s economy is failing as against descriptions that the economy is emerging.
For the past years, there have been studies and reports that have shown that the economy of Ghana is economically in good shape.
For instance, the performance of Ghanaï¿½s economy from 2001 to 2005 was very impressive; the economic policies put in place by the government helped the economy to maintain a relative stable growth rate of about 5. 1 %., but this notwithstanding, industry players believe Ghana needs more that just policies.
Speaking at a forum to mark the first anniversary of The Finder Newspaper, the UT Bank boss, Prince Kofi Amoabeng said the current economic indications are not an enabling environment for businesses.
ï¿½We tend to always have high hope for our country and will not face the realities; there are a lot of description for the country, some say it is emerging, but personally, the only description I will accept is that, it is an emergable economy; but truly my own definition for what I have seen for the past 6 years is that, Ghana is A failing state.ï¿½ said Mr. Amoabeng.
According to him, policies that need to be put in place to support businesses to thrive efficiently are not in place, hence the reason why most businesses fail at the budding stage.
ï¿½Ghana is a country where on the average, youï¿½ve had inflation rate of 10%; under those circumstances, it is very difficult to actually control cost, and what the future is going to be etc; what is very serious is that we talk about for example stabilizing the cedi, but the stable has never ever been stable.ï¿½
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