The business community\u2019s ability to survive and compete will be eroded following the decision by the Monetary Policy Committee of the Bank of Ghana to peg the policy rate at 25 percent.<\/p>\n
[contextly_sidebar id=”1Zf1SFeovlQRpbajdLAkJhGo6JqJI3iX”]This is according to the Chief Executive Officer of the Private Enterprise Federation (PEF), Nana Osei Bonsu.<\/p>\n
According to him, the already challenging business environment in relation to high interest rates and access to credit \u00a0may further be worsened if the Bank of Ghana does not increase money supply and goes on to rather tighten its supply.<\/p>\n
\u2018\u2019Government must reduce its expenditure from grandiose schemes to prudent investments that will yield returns to enable government and businesses to execute their agenda.\u2019\u2019<\/p>\n
The Bank of Ghana in a bid to tame the country\u2019s growing inflation rate as well as the poor performance of the cedi on Monday increased the monetary policy rate to 25 percent from the previous 24 percent.<\/p>\n
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\u2018\u2019We are in a situation where we are dealing with imports coming in at low cost and its reflected in the pricing of Ghanaian made commodities versus imports and we are paying at a high rate and hence become uncompetitive and then lose your market share\u2019\u2019 Nana Osei Bonsu told Citi Business News.<\/p>\n
The Private Enterprise Federation also wants the Bank of Ghana to \u2018\u2019retrace their tracks over how far they have come with policy rates and its effects, they will see\u00a0 that is has been very influential in damaging the competitiveness of businesses.\u2019\u2019<\/p>\n
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By: \u00a0Lorrencia Nkrumah\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The business community\u2019s ability to survive and compete will be eroded following the decision by the Monetary Policy Committee of the Bank of Ghana to peg the policy rate at 25 percent. [contextly_sidebar id=”1Zf1SFeovlQRpbajdLAkJhGo6JqJI3iX”]This is according to the Chief Executive Officer of the Private Enterprise Federation (PEF), Nana Osei Bonsu. According to him, the already […]<\/p>\n","protected":false},"author":14,"featured_media":67062,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[21,4],"yoast_head":"\n