Kofi Nsiah-Poku
The Association of Ghana Industries (AGI) has raised concerns over the rising cost of electricity and its impact on businesses, warning that high operating costs could undermine the competitiveness of Ghanaian industries.
The association said reducing the cost of doing business was critical to enabling local companies to invest, expand their operations and create more jobs.
Speaking at the Association’s 2nd Quarter Business Barometer presentation and Corporate Forum yesterday, President of AGI, Kofi Nsiah-Poku, acknowledged the strengthening of the foreign exchange reserves to roughly five months of import cover, but said the country must now translate the improved macroeconomic stability into structural transformation that would directly benefit businesses.
“The task before us, government and businesses together, is to convert the macroeconomic stability into structural transformation,” he said.
Mr. Nsiah-Poku said a more competitive industrial sector and increased formal employment were needed to sustain the country’s economic gains.
He also called for a growth path that was less dependent on the prices of a few commodities, stressing the need to strengthen domestic production and build a more resilient economy.
According to the AGI, rising operating costs, including electricity expenses, continue to put pressure on businesses and could affect their ability to compete effectively.
The association therefore urged the government to create a more favourable business environment that would enable Ghanaian companies to invest, compete and grow with confidence.
The AGI said it was ready to collaborate with the Ministry of Finance, the Bank of Ghana and other government institutions to ensure that the gains from the 2026 Mid-Year Budget Review translated into tangible improvements in the operating environment for businesses.
It said converting macroeconomic stability into stronger productive capacity, competitive industries and sustainable employment should now be a priority for the government and the private sector.
A Business Desk Report