The collapse, he said is due to the precarious exchange rate between the cedi and the major trading currencies.
According to the business magnate, "A lot of businesses are collapsing I can tell you and you have not seen anything yet."
"More businesses are going to collapse, looking at the exchange rate, somewhere about 44%. So we should brace ourselves for tougher times coming," he said in an interview on Joy News.
Ghana is experiencing a deep economic crisis, with rampant inflation that has reached almost 40% and its currency.
The government blamed the COVID-19 pandemic and the war in Russia and Ukraine as some of the drivers of the economic crisis, but analysts think that the poor performance of the country to help investors to make business is also a factor to consider.
An economist with the University of Ghana Business School (UGBS), Prof. Godfred Alufar Bokpin earlier said Ghana risks an economic collapse.
He stated that as the country's debt stock hits high distress levels, the current debt situation could get worse if proper interventions are not implemented.