- Employers' Association of Ghana threatens to lay-off workers if the current economic trend continues
- They claim the high cost of operating will force them to sack some workers
- Government’s bad economic policies’ is to be blamed for the harsh economic conditions being faced by Ghanaians
The President of the Ghana Employers Association (GEA), Terence Darko has predicted that business owners will be compelled to lay-off workers in the coming months because the current weakening macro-economic indicators of the country are not encouraging for business expansion.
According to him the high cost of borrowing, high fuel prices, increasing inflation rates, increase taxes amongst others are affecting business operations.
“The aforementioned factors, especially counterfeiting and illicit trading activities have resulted in heightened competition thwarting efforts of legitimate businesses to expand as compared to pirates,” Mr. Darko told Business Day Today in an interview.
READ ALSO: Doe Adjaho sworn-in as President
He therefore called on government to as a matter of urgency put measures in place to forestall the impending danger to the economy and employment.
The year 2015 is on record in Ghana as one of the most challenging and exceptional years on many fronts. The volatility experienced on global commodity and currency markets, coupled with Ghana’s macroeconomic headwinds and three consecutive years of an energy crisis had a material adverse impact on business.
Approximately 5,000 jobs are believed to have been loss in 2015 alone due to the energy challenges that bedeviled the country.