Economist Peter Terkper has issued a warning about tough times ahead for Ghana’s economy, citing global conditions that are stifling growth.
He pointed to rising labor costs, disrupted supply chains, and challenges in sourcing raw materials as significant hurdles.
In a recent interview, Mr. Terkper stressed that the global economy is grappling with high debt levels and sluggish growth.
He noted that, as highlighted by the IMF, Ghana needs to prioritize creating a favourable business environment to stimulate its economic development.
Economist Terkper mentioned, ” Growth of economies normally takes place when there is a very friendly environment for businesses to strive. And after COVID, most economies are struggling to recover from the shocks. There is a major challenge, for instance, in terms of supply chain where logistics that are required to feed industries for production.
Labour has become expensive, and raw material supply has also become very complicated. And as a result, every economy is trying to protect its space.
“So recently, for instance, in the US, there have been complaints of the influx of Chinese products. As a result, they have applied high duties on imports from China so that they will protect their local economy that is the US economy. And so the group has then become a challenge globally in terms of economies that are trying to recover from COVID,”
