World Bank warns of persistent uncertainty among Ghanaian firms amid inflation and taxation concerns
World Bank Practice Manager, Mehnaz Safavian, has warned of persistent uncertainty among Ghanaian firms as inflation and high taxation weigh heavily on outlooks.
Commending Ghana’s efforts to uphold macro-fiscal and financial stability, Ms Safavian stressed the importance of continued governmental support amid economic challenges.
“The survey shows that the outlook for firms remains uncertain, with firms being worried about inflation and high taxation. In this regard, GoG’s continued efforts to ensure macro-fiscal and financial stability are welcome,” she remarked.
The latest iteration of the COVID-19 Business Tracker Survey, spanning over 50 countries, shifts focus to recovery and highlights the resilience of firms grappling with evolving challenges, including climate considerations and digital transformation.
Speaking at the launch of Wave Four of the COVID-19 Business Tracker Survey, Ms Safavian underscored the critical role of the private sector in propelling Ghana’s growth trajectory, urging increased investment and productivity to spur job creation and economic advancement.
Amidst the survey’s revelations, Ms Safavian underscored the transformative potential of digital technologies embraced by Ghanaian firms, yet laments the tepid adoption of energy-efficient solutions in addressing climate-related challenges.
As global trade norms demand higher environmental standards, she posits that Ghana must accelerate its transition towards sustainability to enhance competitiveness on the international stage.
In essence, Safavian’s insights underscore the pressing need for concerted efforts to bolster Ghana’s economic resilience through innovative solutions and strategic policymaking. As the nation navigates uncertain terrain, collaborative action between government and private sectors emerges as a linchpin for sustainable growth and global relevance.
