The CEO of Kebab Masters, Mr. Christian Asare, has likened the pace at which prices of goods and services are increasing in Ghana to the retired Jamaican sprinter and former world 100 and 200 meters Champion, Usain Bolt.
Mr. Asare lamented that the prices of goods keep rising each and every day making it difficult for businesses to thrive.
“The price of goods is competing with Usain Bolt. It keeps rising every day, and it is scary. I spend a chunk of my daily sales on transportation and feeding because food and transport prices have gone up. I supply grilled meat (Kebab) to customers, but business has gone down because customers constantly complain about delivery fees. In Ghana, for instance, delivery fee tends to be fixed irrespective of the location. This makes customers sometimes pay times two of the quantity ordered, scaring them away”.
Christian Asare, CEO-Kebab Masters
Mr. Asare, together with other Ghanaian entrepreneurs, shared their concerns with the Vaultz news regarding the current business environment in the country.
One of the young entrepreneurs interrogated by the Vaultz news mentioned that prices of goods are in a marathon race and very challenging to catch up with.
“Doing business in Ghana before the Covid-19 season was much easier and less costly than now. I am a businessman. I buy and sell electrical gadgets. The money I started my business with cannot afford many goods again, but I cannot complain. Customers always want a reduction whenever they come to buy from my shop. The price increase is getting out of hand now.”
CEO, Kobs Electricals
Another entrepreneur also expressed worry that sales from his business have gone down so much that he has to lay one of his staff off.
“Doing business in Ghana is very tough now. I have a startup and employ two people. I have laid one of them off because business is slow. Thus customers no longer come around as they used to. Most of them who come around want to buy the item on credit and pay later, but that isn’t helping my business. I go to work also without my car because of the high cost in fuel prices. There is nothing I can do about the situation. I only hope it gets better”.
CEO, KingMade Lemonade
The Ghana Investment Promotion Center reports Ghana as one of the best countries to do business. But these projections are being threatened by the ongoing global crisis, which negatively affects Ghana’s economy. According to the GIPC, Ghana is not only the best place for doing business in West Africa but the fastest growing economy globally, according to the World Bank’s Ease of Doing Business Report 2019.
“Ghana has developed into an established business destination for investors seeking a conducive business environment, committed and progressive government-private sector participation, political stability, transparent regulations, and a dynamic private sector ready for partnerships.”
Ghana Investment Promotion Center
It is rather unfortunate that citizens of the country are lamenting the rising cost of doing business as this implies investors would love to look elsewhere than to do business in Ghana. Speaking with the Vaultz news, The Founder of COIHAG FARMS mentioned that cost of production has gone up due to the increased cost of feed and medication for its poultry.
“A bag of layer mash was GHS143, but it is now GHS160. The broiler starter was GHS170, but it’s now GHS190.00. We wish we could do something about it, but there is nothing we can do about it; we have to increase the price of our chicken. Before, one entire broiler chicken was GHS45.00, but now we sell it between GHS60 to 65GHS”.
CEO, COIHAG FARMS
The rising cost of doing business looks as if it is not ending soon. Entrepreneurs must therefore consider strategizing to thrive and not fold up. That can be done by restructuring, thus, running operational activities within their budget. Prices of goods prices of good
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