Majority of businesses employ at most 5 persons - Survey

Reduce cost of business - Small businesses

There's high rate of corruptionin public institutions, IEA report

A survey conducted by the Institute of Economic Affairs (IEA) has revealed that macroeconomic businesses in the country employ between 1 to 5 people.

Most of these businesses operate largely in the domestic market while a few work in both domestic markets and imports - wholesale and retail.

According to the Director of Research of the Institute, Dr John Kwakye, during the launch of the 2021 IEA business confidence survey report, he said, the survey was conducted from July to September this year.

He said the survey forms part of its effort to inform and advocate for good economic governance in the country.

"...Majority of the businesses are 4 to 10 years old. Most businesses are small and they employ between 1 to 5 persons," Dr Kwakye said.

The survey report disclosed that these macroeconomic businesses are fraught with several challenges including high utility charges, high government taxes and charges, unstable exchange rates, high rate of corruption at public institutions.

These businesses want the government to reduce the cost of credit, reduce corruption in public institutions for there to be transparency and allow the system to work.

They also want the macroeconomic environment needs to be stabilized.

These small businesses are also looking forward that the business environment is improved in the next 6 months.