Ghanaian business magnate, Daniel McKorley, popularly known as McDan, says more Ghanaian businesses will collapse this year.

According to the entrepreneur, this is due to the precarious exchange rate between the cedi and the major foreign currencies, coupled with the country's ailing economy.

In an interview on Joy FM, he noted that given his projection about the fate of businesses this year, individuals must sit up and devise innovative means to navigate the impending challenges.

'A lot of businesses are collapsing I can tell you and you have not seen anything yet.

More businesses are going to collapse, looking at exchange rate, somewhere about 44%. So we should brace ourselves for tougher times coming", he stated.

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The prediction by Mr McKorley adds to other gloomy indications from some experts and stakeholders about the state of Ghana's economy.

Ghana's economy is presently in a bad state, with the country currently at the doorstep of the IMF for a bailout.

Meanwhile, government has reiterated its readiness to salvage the situation and put the economy on a sound footing.