The Association of Ghana Industries (AGI) has expressed unhappiness about the management of the Ghanaian economy, saying, the current economic challenges could have been avoided.
It has however welcomed the government’s decision to seek economic support from the International Monetary Fund.
According to its Chief Executive, Seth Twum Akwaboah, the intervention from the IMF is necessary to bring back stability to the macroeconomic front.
“Things have not been that smooth. Everything is going high which means there is instability in the macroeconomic environment”, he tells Joy Business.
“We are not happy we’ve gotten to this point, but I think we have gotten to a stage we don’t have much choices. If you want to bring stability and you are borrowing at such a high-interest cost, then it’s difficult to bring the stability that you need”, he pointed out.
To him, AGI supports government’s intervention from the IMF, saying, “What is important is we look beyond the IMF and also the kind of negotiations we do will be important because we don’t know their conditionalities now”.
“We need to negotiate properly and bring the stability we need in the Ghanaian economy”, he added.
Mr. Akwaboah urged government to exhibit fiscal discipline going forward.
AGI’s position, I don’t think is different from what others have said. We believe that industries and businesses need stability in the macroeconomic environment. This affects your planning and business development agenda.
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