Operating factories in Ghana is hell – Financial Analyst

Financial Analyst, Michael Nii Yarboi Annan

A financial analyst, Michael Nii Yarboi Annan, lamented the high inflation in the country, saying the government could have put in place measures to protect Ghanaians doing business.

He made the remark while reacting to the recent spike in inflation and rising sachet and bottled water prices in the country on Power FM’s Asempa Yetia show on Wednesday night.

The country’s water producers’ association blamed the price hike on the recent increase in water and electricity tariffs as well as the depreciation of the cedi which negatively affects their imports.

From next week, a 500ml sachet water bag per 30pcs, is for sale at 7¢ maximum in retail trucks. Mini-shops, however, will retail merchandise at a maximum of 9¢ per bag.

Therefore, the price of bagged chilled water will retail at 0.50¢, while 500ml bottled water will retail at 2¢. Ice water in 750ml or medium bottle will be sold at 3.00¢.

According to him, Mr Annan, who is also a member of the NDC, said the situation could have been alleviated if the Akufo-Addo government had tackled the free fall of the cedi.

He also mentioned that people who operate factories and employ Ghanaians should be protected by the government in these difficult times by reducing their taxes.

“Apart from inflation crippling businesses, taxes and extortion from government agencies are too great,” he observed.

“Doing business in this country is hell; it’s crazy to run a factory. The EPA, FDA, and other agencies will always flood your business. AMA will frustrate you; three AMA departments can visit you at once and extort you. It’s too frustrating,” he said.

He added, “we cannot move forward as a country with all of this.” For him, “If we have a committed leader, we can solve all this.

“I don’t think we can have that in our current president. He did not commit to work,” he quipped.