The National Employers Association of Ghana has appealed to government to immediately address economic challenges affecting businesses in the country.
According to the association, the current environment within which they have to operate is tough, making their businesses unprofitable.
The employers revealed that although government is embarking on some reforms to ease the business environment, numerous challenges still persist.
They also complained about the high interest rates charged by the banks, as well as the depreciation of cedi against the dollar, which affect members, especially those who import raw materials for their products.
The Ghana Employers Association is therefore asking government and the Bank of Ghana (BoG) to take steps to ensure that banks reduce their interest rates.
Speaking during the 58th Annual General Meeting (AGM) of the association, former Chief Executive of the GEA, Alex Frimpong, said if government fails to improve the environment for doing business, many businesses would collapse.
“Businesses are failing, everything is against business owners. Electricity is still high, taxes and other high cost. It is too much and must be addressed immediately, he added.
The employers are also unhappy businesses are unable to meet their target due to inadequate revenue, forcing them to cut down on their production levels.
Addressing the concerns of the employers, Deputy Trade Minister, Carlos Ahinkorah, gave assurance that the various reforms being undertaken by government would eventually reduce the cost of doing business in the country.