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Business News of Monday, 30 June 2014


Local industries worried over market instability

Chief Executive Officer (CEO) of the Association of Ghana Industries (AGI) Seth Twum Akwaboah has expressed concerns about the instability with the country’s market indicators.

Mr Twum Akwaboah said the situation makes it difficult for most local industries to plan.

The AGI CEO was speaking on TV3’s New Day on Monday, June 30 concerning effects of utility price adjustments on production costs of local industries and the implication for the ordinary consumer.

He said the indicators continue to fluctuate, making it difficult for the businesses to make proper plans especially with pricing given the current economic conditions in the country.

He said even stakeholder institutions like the Public Utilities Regulatory Commission (PURC) are not certain with fluctuations in the system.

He pointed out that the Dollar-Cedi exchange rate cited by the PURC in its recent upward price adjustment has been unstable.

“But the question of being given advance notice is very important,” Mr Twum Akwaboah noted.

He observed that prices of products keep changing almost every day on the market and options seem running out for local industries as many plan transferring those charges on consumers.

“Unfortunately for us, a lot of the products that we are competing against are imported.”

He called on government to ensure economic stability.

“We really need to have our macroeconomic stability right.”