Association of Ghana Industries (AGI) is predicting low sales in the first quarter of 2024 due to numerous taxes being implemented by government this year.
AGI is concerned the increase in taxes will affect the purchasing power of consumers which could negatively impact on income of business.
Speaking to the media, Chief Executive Officer of the Association, Seth Twum Akwaboah said, it is important to reduce inflation and interest rate to encourage the growth of business.
“I’ve visited a lot of companies, not just in Accra, but in Takoradi, in Tema, in Kumasi and the complains are basically the same that sales have not done well. I think it’s partly because, purchasing power has not been that good for people”. He noted.
He added, “With the deep and vast depreciation of the cedi and inflation being so high, people’s disposable income became very low and therefore ability to spend was affected, and that has an effect on industries who actually now go for sale in the market.
And for industries, they are living by sales, everything they do dwells on sales. If they makes good sales, we can always quickly invest but if the sales are bad, it affects every other things”.
Nana Ama Nyamekye/Ahotoronline
