You Have Not Seen Anything Yet; More Businesses to Collapse in 2023 Due to Cedi Depreciation

Daniel McKorley, also known as McDan, a Ghanaian business mogul, has predicted that more Ghanaian businesses will fail in 2023.

He explained that this was due to the cedi’s weakness against major trading currencies as well as the state of Ghana’s economy.

Several businesses faced difficulties last year as the economy struggled due to high inflation rates and the cedi’s depreciation.

As a result, McDan has asked businesses to prepare themselves and come up with innovative and new ways to stay in business.

“I can tell you that a lot of businesses are collapsing, and you haven’t seen anything yet. According to the exchange rate, approximately 44% of businesses will fail. As a result, we should brace ourselves for tougher times ahead,” he is quoted as saying by myjoyonline.com.

McDan’s prediction may confirm the NDC’s prediction that the fiscal and economic year 2023 will be difficult for Ghanaians.

Ghana’s debt levels, as well as the proposed debt exchange program, will cause hardship for Ghanaians, according to the minority.

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Written by Ghana Education News Editorial Staff

The Ghana Education News Editorial Staff is comprised of seasoned education consultants, policy analysts, and verified journalists dedicated to providing accurate, timely, and credible updates on the Ghanaian GES curriculum, WAEC updates, and academic leadership.