KPMG Shares Insights at The Ghanaian-German Economic Association Meeting

On 22 February 2023, a virtual meeting was organised by The Ghanaian-German Economic Association on the theme The Ghana Economic Outlook for 2023.  The purpose of the meeting was to discuss and share insights and possible solutions regarding Ghana’s economic environment towards macro-economic stability and economic recovery. Although the 2023 budget gives indications of interventions and austerity measures to restore stability into the economic atmosphere, there was a need to discuss what the business community should expect from the government on this recovery path, how companies position themselves to stay resilient and viable in these turbulent times and what the actual implications and impacts of the IMF program has on businesses.

Gordon Dardey (Tax Senior Manager) spoke on Staying resilient in Ghana's Economic Recovery Environment. During his presentation, he shared a snapshot of Ghana’s environment, government outlook for the year, key focus industries to look out for and key factors in staying resilient.

He stated that the world is about to face another test of resilience, but the struggle is nothing new and businesses are taking cues from the experiences during the pandemic, upskilling their teams and laying the groundwork for longer-term growth. ​​​​​​​

During his session, he shared that Cost optimisation and improving liquidity should be a priority for businesses.  He then advised companies to use this moment to build their team and/or upskill their people while implementing the digitalization of business processes. He then shed some light on this year’s Tax and Regulatory updates and concluded with three key take aways that businesses need to focus on: Talent Management, Tax and Regulation Compliance and Cost optimisation and continuous improvement.