Economic crisis will get rough before it gets better – Badu-Aboagye

The Chief Executive of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has asked business owners and the Ghanaian populace to brace up for the economic challenges that the country is likely to face after the approval of the IMF loan.

He noted that even though things will get better in the coming years, there will be some rough times this year.

Badu Aboagye has asked businesses to understand that after the approval of the program, “the outlook is good”.

“It will get better, but for this year, things will be a bit rough so if you’re taking a decision for the year, you should know that these adjustments are going to affect you,” he was quoted by myjoyonline.com.

“I strongly believe that we will sail through this difficult moment. And of course, for this year, we do not expect that people will make a lot of profit even by looking at the economic activities.

“But next year, it will pick up and in subsequent years it will pick up. And I think the reason is that most of the conditionalities were front-loaded so we are feeling the pinch now, once we get used to it the good things will follow,” he added.

Ghana is currently running an economic recovery program with the International Monetary Fund with a financial bailout support of $3 billion.

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