Inflation in Ghana affects businesses

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Ghana is experiencing its worst inflation in 21 years, and it goes without saying that inflation is taking its toll on Ghanaian businesses.

FC Beauty Group of Companies is one of the victims of this unwelcome development, having just laid off 70% of its staff.

The company’s CEO, Ms. Grace Amey-Obeng, has revealed that the layoff of 70% of its staff is a result of the country’s current economic situation.

She noted that to keep her business afloat, she had to shut down 80% of her business, which inadvertently affected several of her employees.

“I have closed 80% of my businesses and laid off 70% of the staff. We are now working three days a week. The situation is too stressful. We want our Ghana back. This is not the Ghana we want. We can’t pay people for any work done.” She pointed out.

She gave the speech to Ho when she delivered a speech at a memorial lecture to commemorate the tenth anniversary of the passing of President John Evans Atta Mills, held at the Cedi Auditorium at the University of Health and Allied Sciences (UHAS).

She also paid tribute to the late President, noting that he had made many contributions to advancing the struggle of women in Ghana.

Currently, the country is seeking a $3 billion bailout package from the International Monetary Fund.

In return, the IMF has shown keen interest in working with the Ghanaian government as both sides seek to expedite negotiations. The only thing holding the deal back is the inability of the two parties to quickly agree on the parameters of the debt transactions. Read the story here…

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