According to the said GEM report, engaging in unprofitable business accounted for more than one in every three instances of business discontinuation, and this can result from a wide range of factors such as continued informality of businesses, misconception of a business idea to management challenges and problems of getting and managing finances.
With the monetary policy instruments then available, and with the fixed exchange rate, it was not possible to quarantine the monetary effects, and the money supply was soon growing at more than 20 per cent per annum. We did not help ourselves very much either with the way we set wages.