More businesses to collapse in 2023 due to cedi depreciation – McDan

A Ghanaian business mogul, Daniel McKorley, also known as McDan, has projected more failures for Ghanaian businesses in 2023.

He stated that this was due to the weakening of the cedi against major trading currencies and also the state of Ghana’s economy.

Last year, several businesses witnessed challenges when the economy was troubled due to high inflation rates and the depreciation of the cedi.

Therefore, McDan has asked businesses to prepare themselves and ensure that they come up with innovative and new ways to be able to stay in business.

"A lot of businesses are collapsing I can tell you and you have not seen anything yet. More businesses are going to collapse, looking at the exchange rate, somewhere about 44%. So, we should brace ourselves for tougher times coming,” he is quoted by myjoyonline.com.

McDan’s prediction may be a corroboration of the NDC’s prediction that the 2023 financial and economic year will be a difficult one for Ghanaians.

According to the minority, Ghana's debt levels and the proposed debt exchange programme will pose hardships to Ghanaians.

SSD/FNOQ