High utility tariffs and transportation costs pose significant concerns for businesses in Ghana, according to Daniel Kwadwo Owusu, Country Managing Partner of Deloitte Ghana.
Speaking at the 9th Ghana CEO Summit and Expo in Accra, Mr. Owusu highlighted the uncertainty surrounding the future of the Ghanaian cedi as a major challenge for businesses.
Mr. Owusu emphasized that while a strong currency is beneficial, it does not automatically lead to lower prices if domestic cost pressures, such as transportation and energy costs, are not addressed.
He advised the government to implement fundamental reforms to achieve lasting stability, rather than relying on short-term measures.
The Deloitte Ghana boss also called for diversification of the economy, noting that Ghana’s reliance on gold and cocoa makes it vulnerable to global price fluctuations.
“Diversification will make our economy less vulnerable to those big global price swings,” he said.
Mr. Owusu cited the example of 2017, when the cedi recovered after the IMF bailout programme, but consumer prices remained relatively high due to underlying structural issues in the economy.
He urged businesses to adapt to changes in the economy and criticized companies that quote different exchange rates than those set by the Bank of Ghana, saying this behavior hinders economic reset.
