The high cost of credit and raw materials along with competition from imported goods have been cited as the main challenges businesses encountered in their operations during the first quarter of this year. This was revealed by the Association of Ghana Industries’ Business Barometer, a periodic opinion survey of Chief Executives on their perception of the business environment. “The cost of raw materials have moved from eighth to second position. We don’t know whether it is the reflection of more duties that are being charged or a reflection of the high cost of credit which is manifesting itself,” AGI President Nana Owusu Afari enumerated the findings. “Access to credit maintained the third position”, he noted, adding inflation is the only positive thing that has happened. With inflation down by almost 7 percent and interest rates on the decline, many had expected cost of credit to drop, but most businesses say this has failed to happen. Nana Afari says if the issue of cost of credit is not addressed, businesses especially in the manufacturing sector could be crippled for life. Poor power supply and high taxes were also identified as challenges. In spite of the many challenges the AGI president said the overall confidence in the business environment is good but could be better. Source: Joy Business/Myjoyonline.com/Ghana