The Importers and Exporters Association of Ghana has described the State of the Nation Address delivered by President Nana Akufo-Addo on Wednesday, March 8, as full of hopelessness for businesses.

In a statement, the Association explained that attempts by the Akufo-Addo-led administration to get Parliament to speed up the passage of two important bills will hurt the business community.

The statement further highlighted some other challenges confronting the business community such as the high-interest rates and high utility bills.

“We are saddened to have heard the president impressing on Parliament to, as a matter of urgency, speed up the passage of two important bills that we believe will hurt the business community. The bills, the Income Tax Amendment Bill, and the Excise Duty Tax, if passed, will lead to a higher increase in the cost of doing business in the country.

“With inflation high and the cedi steadily depreciating, whereas Bank lending rates have become unattractive, coupled with high utility tariffs which have seen Ghanaian producers passing on the cost to the ordinary consumers, we fear for the worse if these two bills are passed by Parliament.”