Independent economist Dr. Worlanyo, says the increase in transportation fare caused by price change of petroleum product will led to an increase cost of doing business which could result in redundancy.
Dr. Worlanyo posited that, the increase in fares will adversely affect the way businesses operate which will further reduce their profit margins especially during a post covid-19 era.
He said, businesses were already suffering from the impact of the Covid-19 pandemic with some businesses struggling so it will further affect their level of income especially those that rely on fuel for operation or movement.
Dr. Worlanyo, accerted that one of the ways businesses will be forced to do to remain afloat is to cut expenses especially reduce the work force which could lead to a further increase the unemployment situation in the country.
He said, if the situation is not critically looked at it can lead to increase in crime rate in society because people must eat and if there are no jobs, some of the unemployed people will go in to criminal activity to survive.
Source: A1radioonline.com| 101.1MHz| Ghana
