The Chief Executive Officer of Clay Group, Kuukua Adams, has described the impact of the current economic hardship on startups as a never-ending nightmare.
According to her, many startups, small and medium scale enterprises are on the verge of collapse due to the harsh economic conditions.
She added that, the incessant increase in fuel prices and high cost of living is forcing employers to adopt cost-cutting measures, including cutting of wages, and working remotely to stay afloat.
She was speaking on the Pre- Budget Forum organized by Joy Business on Monday, November, 7 2022.
“It’s been a never-ending nightmare, because sales have plummeted, some businesses have had to shut down. Those businesses that haven’t shut down are also struggling to find new customers”.
“Some of us have had to go to the extent of introducing pay cuts, bringing a three-day work week and also working from home full time to no avail, because what is happening is that employee salaries are now becoming transportation allowance”, she emphasized.
She further stated that investors are reluctant to fund startups due to the fear of running at a loss.
“Investors are asking for more equity because access to funding is becoming a challenge. And those that have funding are struggling with finding the right team. And those that are available to work are not ready to risk working with the startup”.
She, however wants policies in the 2023 budget to address the economic hardship which is crippling startups and small-scale businesses.
The Pre-Budget Forum was under the theme “Ghana’s Ailing Economy: 2023 Budget to the Rescue”.
Some other panelists on the show were Professor Peter Quartey, Director of ISSER; President of the Association of Ghana Industries, Dr. Humphrey Ayim-Darke, President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng and Chief Executive of the Ghana National Chamber of Commerce and Industry, Mark Badu-Aboagye.
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