Business confidence in Ghana's economy has hit its lowest since 2012, the Association of Ghana Industries (AGI) has revealed.

This revelation is contained in the AGI's Business Barometer Report  for the fourth quarter of last year.

The decline, according to the report, is based on concerns by Ghanaian businesses that the business environment is not conducive, with no signs of improving any time soon.

Also, access to credit came up as the major hurdle facing businesses, while high utility tariffs and cost of credit stood out as the second and third challenges.

President of the Association, James Adjei Asare, told Joy Business government must act on the concerns and challenges quickly to save businesses in the country.

He stressed that results of the survey must not be seen as "an academic exercise".

"These [results] are from chief executives, players in the industry at high levels of business who have articulated their views...on the problems militating against businesses in this country", he clarified.

"So we need take the survey seriously", he admonished.

The AGI Business  Barometer for the fourth quarter of 2013 engaged 300 chief executives of big and small business owners in the country.  

The AGI Business Barometer, is a quarterly survery that captures the prevailing business mood and expectations of Chief Executive Officers in the country.