'Dumsor' has affected businesses-IEA

The Institute of Economic Affairs (IEA) have listed three causes of poor performances of businesses in 2015 as compared to 2014.

According to the IEA, the erractic power supply popularly referred to as 'dumsor',that hit the country is one of the key causes of business failure in the country in the past year.

Other factors that accounted for the break down of businesses,they added include; Increased cost of production and Increased taxes and exchange rates.

This findings was as a result of the IEA Business Confidence Survey (BCS). The Institute added that the aim of the publication of the survey is to Gauge the confidence of businesses in Ghana,the major impediments of doing business in Ghana, future expectations and directions of leading business indicators and lastly, promoting evidence-based policies to enhance business environment in Ghana.

Another findings of the survey indicated that, majority of Ghanaian businesses are inward looking thus; they produce for the domestic market only.

By: Farida Mohammed/ghanaguardian.com