According to him, businesses especially startups have been adversely affected by the high exchange and interest rates as well as the ongoing power crisis.
Government last Saturday adjusted upwards the price of fuel by 9 percent, significantly affecting the cost of transportation and various commodities on the market.
The current exchange rate is a dollar to four cedis four pesewas.
Mr. Senayah in an interview with Radio Univers’ Jonas Nyabor revealed that horseman shoes had reduced its quantity of production so as to keep up with the situation.
“it goes beyond interest rate and now we have fuel increment an when fuel price increases, automatically everything else increases. As we face the erratic power supply, our production cost increases,” he said.
He added that “unfortunately we can’t transfer the cost unto the consumer so businesses must stomach a lot of cost before we gradually transfer unto customers. It is extremely difficult.
Horseman Shoes spends GHS200 each week for the purchase of fuel in order to undertake some production processes.