Growing Operating Expenses is Declining Ghana's Competitiveness in West Africa - AGI

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During an interview on February 29, 2024, Seth Twum-Akwaboah, the Chief Executive of the Association of Ghana Industries (AGI), highlighted that Ghana is losing its competitive edge in the West African region due to escalating business costs. 

He attributed this challenge to the burdensome tax regime faced by businesses, forcing some enterprises to relocate operations outside the country in a bid to maintain competitiveness.

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Twum-Akwaboah pointed out that Ghana stands out as the most expensive country for doing business compared to its regional counterparts. He emphasized the urgent need for the government to reassess its policy measures to create a more conducive environment for private sector growth.


Expressing concern over the high cost of finance in the country, Twum-Akwaboah noted that many enterprises are grappling with the exorbitant borrowing rates, hindering their ability to sustain operations. Despite the establishment of institutions aimed at reducing finance costs, he lamented that their impact has been limited.

In response to these challenges, Twum-Akwaboah advocated for policies that support local manufacturing firms' growth without resorting to protectionism. He also highlighted that some businesses have resorted to laying off workers as part of their survival strategies in the face of mounting operational costs.


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