AGI disappointed over outcome of Mid Year Budget Review – Skyy Power FM

The Western Regional Manager of the Association of Ghana Industries (AGI), Albert Ababio says they were disappointed with the mid-year budget review read in parliament yesterday by the Finance Minister, Ken Ofori Atta.

Mr Ababio speaking on Skyy Power FM’s Jolly Breakfast Show said they had 3 expectations in the mid-year budget review which were no introduction of new taxes, tax waivers on imported raw materials to boost local production and direct intervention by the government to cushion some sectors of the industries.

He said even though the government considered some of their expectation in the budget review, they were disappointed with the overall outcome.

He said, “Before the mid-year budget review, we had these three expectations, but after the review, we realised there was nothing special in the presentation which was very disappointing because we wanted the government to intervene for small businesses.”

Mr Ababio said the minister stated the economy has been stabilised in the mid-year budget review, he agrees with the minister’s statement as it reflects in our markets.

He said even though the cedi has appreciated against the dollar, the exchange rate is still high for local businesses in Ghana.

“This has increased the interest rate for local businesses, always foreign businesses have an advantage over us since the interest rate for them is relatively low since they deal in dollars and very high for us. The government must put some subsidies to cushion local businesses or most of them will collapse,” he added.