‘Involve AGI in discussions with IMF’

Business News of Thursday, 6 November 2014

Source: Graphic Online

James Asare Agyei AGI Boss

The President of the Association of Ghana Industries (AGI), Mr James Asare-Adjei, has asked the government to involve the association in the ongoing discussions with the International Monetary Fund (IMF).

“It is the expectation of the association that the government will involve the AGI in the IMF discussions and negotiations to ensure maximum benefits for the entire country,” he said.

Mr Asare-Adjei, who said this at a press conference in Accra on Tuesday, indicated that the government’s decision to go for an IMF bailout was as a result of a weak macro-economic structure.

Mr Asare-Adjei said the private sector acknowledged the halt in the decline in the value of the cedi.

He indicated that if the government would continue to maintain fiscal discipline, it would ensure stable economic growth and predictability of businesses.

Mr Asare-Adjei said the perennial inadequate power supply was one major issue industry was anxious to see a permanent solution.

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He, therefore, called on the government to provide alternative sources of power to sustain the growth of industries.

He noted that business confidence had improved slightly according to the latest AGI Business Barometer survey for the third quarter of the year 2014.

According to him, the index increased slightly from 22.4 in the second quarter of 2014 to 42.0 in the third quarter of the same year and attributed the increase to the reversal of the recent Bank of Ghana regulations on foreign currency, leading to some stability in the cedi.

He said the association was glad that government considered the recommendation it projected and withdrew the foreign exchange rules in August 2014.