The General Manager of Aqua Safari, David Woedem Malike, says the cedi’s depreciation against the dollar and its attendant inflation has severely affected the hospitality industry.

Speaking to JoyNews at the premise of the Aqua Safari resort, he noted that the current economic situation has put a major strain on the finances of players in the hospitality industry.

This he says has led to stalled projects and in some cases the downsizing of staff to save cost.

“The next month you make about two million and you are paying about 600,000 cedis in cost, your cost has increased all of a sudden. How can you live like that?

“So eventually you are always projecting and you are always making a reduction in your income, experiencing a reduction in your income because your cost keeps on increasing,” he said.

He added that, “It comes as simple as a crate of eggs, as simple as the local things that you buy just to create a simply nice meal. Let's say rooms and clean bed sheets and all those things are sunk costs, but the varied and influence cost is what actually hits you.”

He noted that the situation has placed players of the hospitality industry in a tight spot.

Mr. Woedem said without an improvement in the economic situation the hospitality industry will continue to haemorrhage huge costs stunting their development.