Improved access to finance 'could boost Ghana's enterprises'
Improved access to credit could encourage growth among businesses in Ghana, the results of a new study suggest.Improved access to credit could encourage growth among businesses in Ghana, the results of a new study suggest.
Conducted by the Association of Ghana Industries (AGI), research found access to funds, coupled with the high cost of credit, to be the biggest hindrance for firms, Public Agenda reports.
As a result, enterprises in the country have become less competitive and are unable to take advantage of new technologies available to them.
President of the AGI Nana Owusu Afari said: "Businesses are not growing. Policy makers should act. The growth path goes up and down, up and down as if we really don't know where we are going."
Earlier this year, he claimed the high interest rates charged by commercial banks are leading to the collapse of many local companies in Ghana.
Despite this, AGI executive director Seth Twum Akwaboah revealed 66 percent of chief executive officers interviewed believe their enterprise will perform better in the third quarter of 2011 than the second.