64% of businesses want domestic and external debt restructuring prioritized – KPMG survey

A 2023 pre-budget survey conducted by the auditing and accounting firm, KPMG has indicated that over 64.3 percent of industry leaders want government to prioritize domestic and external debt restructuring.

According to the survey, this is aimed at avoiding the risk of credit default with debtholders even as government engages the International Monetary Fund for an economic support programme.

“Other survey participants believe that the government should restructure its foreign debt due to its foreign exchange exposure. Over the last few years, the cedi has clearly underperformed against major foreign currencies,” the survey noted.

In terms of support to Micro Small and Medium Enterprises, the survey noted that approximately 80% of industry leaders believe government must ensure enterprises gain access to financial services.

They also noted low-cost financing and integration into value chains and market as reasons for the poor performance of MSMEs to remain sustainable.

Touching on whether some government initiatives have met the required expectations, most of the respondents were off the view that government's flagship programmes or initiatives have not met their expectations.

Meanwhile, on the controversial Electronic Transfer Levy, the KMPG survey noted, “during these difficult times, more than half of business leaders believe electronic levy (E-Levy) is a major source of concern” and therefore want the tax measure to be reviewed.

MA

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