The Association of Ghana Industries (AGI)is worried the recent hike in prices of petroleum products could lead to layoffs and increase the cost of doing business.
According the Association, the increase is too steep for a sector that is already grappling with high cost of production and credit.
The National Petroleum Authority last month announced a 15 to 30 percent increase in prices of petroleum products at the pumps.
This was influenced by government’s decision to withdraw petroleum subsidies.
But President of AGI Nana Owusu Afari tells Joy Business industries may be forced to layoff workers while others could fold up.
“Already, if you look at the story from the Ghana Statistical Service, the manufacturing industry on which every economy depends, in Ghana it is the other way round. And that is where we are concerned.”
The President of AGI stated that it was unfortunate that the industries were not consulted before the increase, adding that plan by government to cushion workers against the hikes by increasing salaries is not the best way to solve the problem.
- Many still unable to buy ECG credit
- Photos: Actor ‘Waakye’, laid to rest
- Indonesia: At least 174 dead in football stadium crush
- ECG system challenges an internal attack, initiate investigations – Sam George to government
- “We’re building a thriving tourism economy in Ghana” – Akufo-Addo
- Chiefs, DCEs, others to blame for worsening galamsey situation – Lands Minister
- Adwoa Smart cries at Prince Yawson’s funeral
- Manchester City beat Manchester United in nine goal thriller
- SSNIT, other companies shut down Bawku office over security concerns
- Marrying an older man meant I became a widow at 34
- Performance wrap of Ghanaian players abroad over the weekend
- Towards sustainable development of Africa’s upstream market…A Tullow Oil perspective
- Peg dollar for duty payments at least quarterly – GUTA to government
- Hearts of Oak appoints David Ocloo as assistant coach
- Be circumspect in your coverage of conflict – NMC tells radio stations in Bawku
- Thomas Partey scores stunning goal in Arsenal win over Tottenham
- CalBank commissions new ICT Lab for SDA Schools in Koforidua
- Sustainability requirements shouldn’t be a ruse to block our cocoa and coffee – Oppong Nkrumah
- CAF re-opens bids for AFCON 2025
- GCR affirms Ecobank Ghana rating at A+, outlook stable
- Bright Simons: GNPC fails in bogus defense of Genser sweetheart deal
- Today’s front pages: Monday, October 3, 2022
- Cedi loses 40% value to dollar in nine months of 2022; places 147th position in world – Bloomberg
- Anas Sulemana: The politics of galamsey from a political marketing perspective
- ECG conducting a system audit after technical challenge – General Manager