Businesses have lost over 56% of their working capital in 6 months – GUTA

Ghanaian businesses have lost over 56% of their working capital in six months due to the economic downturn, according to Charles Kusi Appiah Kubi, Head of the Business and Economic Bureau at GUTA.

According to him, the rapid Cedi depreciation has caused capital depletion, driving up costs and forcing businesses to pass them on to consumers.

However, with inflation soaring, he noted that consumers are cutting back on spending, leading to a sharp decline in sales and economic stagnation.

This has left businesses struggling to meet their financial obligations, including repaying loans. He said the situation is dire, with no clear end in sight.

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