Employers in Ghana predict massive layoffs this year

Employers in Ghana predict massive layoffs this year

-The Ghana Employers has predicted massive layoffs this in 2016

- President of Association, Terence Darko has revealed the move is due to the weakening in Ghana's macro-economic regime.

Employers in Ghana predict massive layoffs this year

President of the Ghana Employers'Association, Terence Darko

Officials of the Ghana Employers' Association (GEA) have given the strongest indication of a possibility of there being massive layoffs in 2016 considering the economic hardships in the country.

President of the Ghana Employers'Association, Terence Darko has revealed that Ghana's failing macroeconomic environment has not given employers the needed opportunity to expand their business - citing the high cost of borrowing, increased inflation rates and also the issue of high counterfeiting and illicit trade.

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“Counterfeiting and illicit trade in the country has heightened competition as legitimate businesses cannot compete with pirates who take a free-ride on the work of others without contributing to research and development.  The combined effect of these developments conspires to make the cost of doing business higher in Ghana and therefore, renders our business entities noncompetitive. Employers need a predictable and stable macroeconomic environment.” he stated.

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Meanwhile government has been charged to facilitate the growth and development of Ghana's economic regime in order to prevent such massive layoffs. In 2015, there has been the loss of over 500,000 jobs across the country with factors as the energy crisis being the leading cause.

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