Minority Leader in Parliament, Alexander Afenyo-Markin, has raised alarm over what he describes as the harsh business climate in Ghana, cautioning that escalating operational costs are crippling entrepreneurial growth and weakening the private sector.
Speaking at the Kwahu Business Forum on April 3, 2026, he painted a concerning picture of an economy where high interest rates, rising utility tariffs, and multiple layers of taxation are placing unbearable pressure on businesses—especially small and medium enterprises (SMEs).
According to him, the current financial environment contradicts efforts to promote entrepreneurship. He argued that access to capital remains one of the biggest barriers, noting that steep lending rates make it nearly impossible for new business owners to get started or expand.
He also drew attention to the growing cost of energy, explaining that many small-scale operators are struggling to stay afloat due to expensive electricity tariffs. For businesses that rely on basic equipment like refrigerators, he said, the cost of power alone can turn simple ventures into unsustainable ones.
Describing the situation, he suggested that rather than empowering individuals, the system is discouraging innovation and self-employment.
His remarks were informed by consultations with major industry players, including the Ghana Union of Traders Association and the Association of Ghana Industries. These engagements, he noted, revealed persistent challenges such as expensive credit, high utility costs, and overlapping taxes that continue to limit growth and investment.
Mr. Afenyo-Markin further called for a shift in how economic policies are developed, urging government to adopt more inclusive and data-driven approaches—particularly when decisions have direct consequences for businesses.
He concluded by pledging to collaborate with fellow lawmakers to advocate for reforms that would ease the burden on enterprises. These efforts, he said, would focus on reviewing the combined impact of taxes and strengthening dialogue between policymakers and the business community.
