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The President and Founder of Angel Group of Companies, Dr Kwaku Oteng, has reflected on what he describes as his most difficult year in business.
In an exclusive interview on Angel Morning Show on February 17, 2025, hosted by Saddick Adams, Dr. Oteng stated that 2024 was particularly challenging due to the country’s economic instability.
He highlighted the significant impact of the rising exchange rate, noting that the dollar surged from GHS 6 to GHS 17 between 2022 and 2024. “Last year was very tough for me I import products from Canada and Holland, and sometimes, my suppliers deliver goods before I even make payments” he said.
Dr. Oteng recounted on the financial strain caused by the fluctuating exchange rate. “If I received products at GHS 6 per dollar, but now it has risen to GHS 15 or more, and I deal in large quantities, the impact is enormous. I wouldn’t be honest if I said last year was profitable, it was my most challenging year” he said.
He further pointed out the difficulty in securing bank loans, as financial institutions were reluctant to lend due to the unstable economy. “Looking at the dollar rate, repayment becomes a huge burden if you take a loan” he added.
The business mogul also revealed that entrepreneurs were forced to sell off assets to sustain their businesses, as banks were unwilling to provide financial support. “You have to sell off property just to keep your business running” he said.
Dr Oteng stressed that the economic hardships affected not only individuals facing financial instability but also employers. “It’s not just those without financial stability who are suffering; we, who have employees to pay, are also facing significant hardships” he concluded.
