Businesses and businessmen were not exempt from the economic hardships that hit Ghanaians in 2022 and beyond, Dr. Kwaku Oteng has stated.
The founder and president of Angel Group of Companies stated that, the year was particularly challenging for business transactions due to fluctuations in exchange rates.
“Last year, 2024, was very tough and challenging for me since I started life as a businessman.
“You see, the government plays an instrumental role in helping businesses thrive, but the rapid increase in the dollar exchange rate in 2022 did not help businesses at all. Truth be told, such honest pronouncements are often difficult to make,” he said.
He emphasized, “Considering the dollar rates, which rose from GH¢6 per dollar to GH¢12, GH¢13, GH¢14, and even GH¢17, it became difficult for businesses. Most of the large quantities of raw materials we use in production, such as alcohol, are imported from Canada and Holland.”
According to the entrepreneur, the steep depreciation of the cedi, coupled with economic hardships, forced him to delay payments to his business partners after receiving supplies.
He conceded, “If I tell you that last year was profitable for me, then I wouldn’t be honest with you.”
Dr. Kwaku Oteng described the situation as one of the most challenging periods for his business, particularly in 2024.
“You have to sell off property just to keep your business running,” he added.
