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Business News of Tuesday, 27 October 2020

Source: Bright Philip Donkor, Contributor

'The cost of doing business is high' - Franklin Cudjoe

President of IMANI Africa, Franklin Cudjoe President of IMANI Africa, Franklin Cudjoe

Founding President of Imani Africa, Franklin Cudjoe has expressed worry about the high cost of doing business in the country

Speaking on the Challenges With the Ease of Doing Business to the African Journalists For Economic Opportunity Training (AJEOT-2020), he outlined some of the challenges in doing business in Ghana.

Mr. Franklin Cudjoe said there is an exponential cost in doing business, and as such, there is the need to create a favorable atmosphere for economic prosperity.

"You can play your role as journalists by asking tough and intelligent questions for the government to immediately address what it describes as the numerous economic challenges affecting businesses in the country," he stressed.

According to him, the current environment within which businesses operate is harsh and unprofitable.

"Many employers complain that although the government has undertaken some reforms to boost economic growth, the challenges they face persist," he stated

He mentioned that the payment of taxes has improved because the processes one goes through is a bit streamlined.

"The cost of doing business is high due to the fact that corruption is still seen in every nook and cranny of society. There are high-interest rates making it impossible to secure financial support from the bank", he added.

He also indicated the depreciation of the cedi against the dollar affects employers especially those who import raw materials for their products.

"I know people who in the process of shipping cars go through hell as a result of useless immigrants" he said.

He added that Property Tax registration is a big problem in the country. and as such, almost 100 percent of lands in the capital are hugely taxed.

Mr. Cudjoe is, therefore, asking the government to ensure that banks reduce their rates.

He is also asking business starters to check and study the inflation rates even before acquiring a loan to start or do their businesses.