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New Year  Message

New Year Message

The year 2013 has finally come to an end and once again a new year 2014 has begun. The year 2013 will go down as a very challenging year for businesses in Ghana as the business community faced a lot of challenges in their operations and this affected private sector performance and hence its contribution to the growth of the Ghanaian economy.     The economy was expected to sustain the single digit inflation recoded since June 2010 in the year 2013. However, the pass-through effect of petroleum price adjustment at the beginning of the year coupled with demand pressures and seasonal factors caused inflation to hit the double digits mark. The Ghana Cedi remained stable for the first half of 2013 as the local currency strengthened against the major trading currencies. The Ghana cedi cumulatively depreciated at a slower rate of 3.4 percent against the US Dollar from January to June, compared to a depreciation of 17.2 percent during the same period in 2012 with interest rates remaining still high. Ghanaians and businesses had a raw deal in 2013 with the increases in electricity, water and petroleum prices. This development negatively affected productivity, employment and profitability of firms. Firms who could...

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