The Association of Ghana Industries (AGI) has expressed dissatisfaction with Ghana’s economic management, claiming that the current economic issues might have been averted.
It has, however, praised the government’s move to seek financial assistance from the International Monetary Fund.
The IMF’s assistance, according to its Chief Executive, Seth Twum Akwaboah, is required to restore macroeconomic stability.
“Things have not been that smooth. Everything is going high which means there is instability in the macroeconomic environment”, he tells Joy Business.”
“We are not happy we’ve gotten to this point, but I think we have gotten to a stage we don’t have much choices. If you want to bring stability and you are borrowing at such a high-interest cost, then it’s difficult to bring the stability that you need”, he pointed out.
He also made it known that AGI supports the government’s intervention from the IMF, saying, “What is important is we look beyond the IMF and also the kind of negotiations we do will be important because we don’t know their conditionalities now”.
“We need to negotiate properly and bring the stability we need in the Ghanaian economy”, he added.
Mr. Akwaboah advised the government to exercise fiscal restraint in the future.
I don’t believe AGI’s perspective differs from what others have stated. We believe that sectors and enterprises require macroeconomic stability. This has an impact on your business development and planning agenda.