A former Managing Director of Amalgamated Bank Ghana Limited, now Bank of Africa , Mr.
Menson Torkuno has advised business operators especially the Small and Medium Enterprises
(SMEs) to be conscious about cutting down on cost in the face of these challenging economic
The Ghanaian economy in the first half of this year has seen some challenges which hamper
growth of SMEs in the country. But the experienced banker, Mr. Torkuno has advised SMEs
to be ’smart’ in their dealings to get the best of whatever they put in their business operations.
“If you have a car for your business and petrol prices have been galloping bit by bit, don’t be
driving around recklessly, you must also try to reduce the cost of operation by being innovative
in running your business, there is some reckless people doing business, and don’t be reckless,”
Mr. Torkuno mentioned that cutting back on this ’wastages’ will help business owners cut down
on cost and also grow their business in the face general economic slowdown the Ghanaian
economy is facing.
Inflationary pressures which affects the cost of doing business locally has failed to meet the
targets set in the 2014 budget. The finance minister, Hon. Seth Terkper has admitted in the 2014
Supplementary budget presented to parliament that the depreciation in the local currency-cedi,
has made the cost of doing business locally shoot up. The government has cut its 2014 economic
growth target and forecast and revised the budget deficit and the inflation rate due to falling
revenues, the decline of the cedi and falling gold prices. “We are incorporating the key and major
recommendations of the Senchi Consensus in our overall economic management agenda,” the
finance minister added. However, the former Amalbank top executive believes in spite of these
challenges businesses have a responsibility towards themselves to strive and make the best out of
these dire circumstances.
Hon. Seth Terkper outlined some measures such as the promotion of the consumption of made-
in-Ghana goods the revamping of the Komenda Sugar Factory, increasing funding for poultry
and rice production, as well as increased support to the pharmaceutical industry and small and
medium enterprises (SMEs) in general.