The economies of many nations around the globe have been brought on their knees by COVID-19. Just when countries are on the path of recovery from the economic devastation caused by COVID-19, Russia invaded Ukraine which had worsened the economic outlook of the entire world. The nation Ghana as well as firms have not escaped the impact of the terrible events in Ukraine. Rising expenditure, dwindling revenue levels, increasing debt levels coupled with worsening macroeconomic indicators had led to the downgrading of the Ghanaian economy which has affected the ability of the country to go for external debt. In order, to deal with current challenges, the government in a process characterised by controversies passed the Electronic Transfer Levy Act 2022 popularly called E-levy. As the Finance Director of your company, you have been tasked to present a proposal to the Board of Directors on how your company will navigate the turbulent terrain of the Ghanaian economy.

Your proposal must address the following;

i. Discuss four (4) challenges currently faced by the Ghanaian economy and indicate their underlining causes.

ii. Discuss how three (3) of these challenges have affected the operations of your firm and its chances of survival.

iii. Discuss three (3) ways your firm can position itself in order to survive in these difficult times.