Business Common Kenkey, Gobɛ will soon be priced in dollars because the economy has been dollarised; Ghana needs help' —Afaglo
Business: The high cost of living, compounded by high taxes and poor management by the New Patriotic Party (NPP) government, has eroded the confidence of the youth, leading to a majority of skilled professionals leaving for Europe and other continents for greener pastures.
Many Ghanaians in the health sector, as well as skilled workers such as plumbers and electricians, are seeking opportunities to leave the country, frequently visiting various embassies in search of better prospects abroad.
The business sector is also facing challenges, with numerous multi-million dollar companies considering relocation to neighbouring countries due to high taxes and labour costs.
Reacting to the issue, Mr. Novihoho Afaglo, Chief Executive Officer of Merrer Ghana Limited, Susstgad Boat Building, and Fishing Industry, highlighted the urgent need for intervention.
He warned that Ghana is in reverse gear and, if the situation is not addressed promptly, the country could face dire economic consequences.
Mr. Afaglo pointed out that many multi-million dollar companies have already relocated due to the unfriendly business environment, high taxes, and the high cost of borrowing.
"When did Ghana become like this, where ordinary citizens cannot afford three square meals a day, let alone save money?" he questioned.
He further noted that employers are struggling to meet salary demands, and many workers are resorting to loans just to stay afloat.
He lamented that businesses are suffering more under the Nana Akufo-Addo-Bawumia-led government than under any previous administration.
According to him, the cost of production has tripled, port duties have quadrupled, and outrageous taxes have led to the collapse of companies and a rise in unemployment.
Addressing the issue of inflation, Mr. Afaglo said the Ghanaian cedi is losing value against the dollar, contributing to the high cost of goods and services.
He highlighted that a simple ball of kenkey now costs between GHC 5 and GHC 10, and warned that Ghana, once a centre of attraction in Africa, has become one of the most costly countries to live in, prompting foreigners to choose neighbouring countries instead.
"If care is not taken, even common ‘Kenkey and Gobɛ’ will be priced in dollars because the economy has become so dollarized that even rent and other commodities are being quoted in dollars," Mr. Afaglo stated.
He urged Ghanaians to vote massively for former President John Mahama in the 2024 elections to rescue the country from what he described as a "wicked NPP government interested only in enriching their families and cronies."
Source: modernghana.com
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