Mr. Prince Kofi Amoabeng, Chief Executive Officer of UT Bank has revealed that Ghana’s 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 Ghana’s 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 than just policies.
Mr. Amoabeng, speaking at a forum to mark the first anniversary of The Finder Newspaper, said the current economic indications are not an enabling environment for businesses to thrive.
“We tend to always have high hopes 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.” said Mr. Amoabeng.
“Ghana is a country where on the average, you’ve 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.”
He disclosed that the reason why most businesses fail at the budding stage is because policies that needed to be put n place to support the private sector to efficiently thrive have not been put in place.
