Economic downturn: ‘I don’t think anyone should resign’ – Kantanka Group CEO

Chief Executive Officer of the Kantanka Group of Companies, Kwadwo Safo Jnr. has shared his opinion on growing calls for key ministers to resign over the mismanagement of the economy which is now seeking an International Monetary Fund assistance. Over the past few months till date, there have been various calls by citizens for Finance Minister, Ken Ofori-Atta, to resign over the current economic conditions in the country which have significantly impacted all economic indicators. But Kwadwo Safo Jnr. believes no minister of state must be made to resign and insists government must rather create a business environment that would propel private sector growth. “I don’t think anyone should resign. Create a better business environment for the private sector. That will enable the private sector to create more jobs. More jobs means more employment. Money in the pockets of people,” he shared via Twitter on October 22, 2022. In a separate tweet on October 21, 2022, Kwadwo Safo Jnr also raised concerns over the whereabouts of industry captains, especially during an economic crunch. “What is happening? Why are all industry captains quiet? What is wrong with the management of this country? It is clear there is a huge problem,” he stressed. See his tweets below: Meanwhile, the Ghana cedi has in the past few weeks experienced unprecedented depreciation against the US dollar. The currency has now been ranked by Bloomberg as the worst-performing currency in the world against the US dollar, overtaking the Sri Lanka Rupee. Checks by GhanaWeb Business to some forex bureaus in Accra show the cedi is selling around GH¢15.65 to the dollar as of October 24, 2022. The development has resulted in the closure of businesses in parts of the Ashanti region and the Central Business District in Accra. MA/FNOQ