A banking consultant and finance expert, Dr Richmond Atuahene has said the exit of multinational companies from Ghana should be a wake-up call for government.
According to him, the economic indicators as well as the cost of doing business in Ghana are no longer favourable.
Dr Atuahene made these remarks on Adom FM’s morning show, Dwaso Nsem, stating that, the development is worrisome.
“The managers of the economy should sit up and stop thinking all things are ok. I recently heard one of the ministers say that Ghana is the best place to do business but that is not true,” he said.
He, however, said the signs were clear on the wall, but the government decided to turn a blind eye.
Instead, Dr. Atuahene said the government was focused on rosy speeches rather than taking a critical look at the factors chasing out Foreign Direct Investments in Ghana.
“Our cedi had been depreciating, electricity crisis, high inflation and interest rate, various taxes. The multinationals look at these things because they have shareholders to pay.
So if what they receive in Ghana is lesser compared to Ivory Coast, they will leave because they are not charity. We don’t even need to politicise these issues because it will impact unborn generations too,” he added.
About 20 multinational brands including Glovo, Nivea, Jumia Foods, Game, Bic have folded up their operations in Ghana in the past three years.
The latest is French Bank, Société Générale after 20 years of operations in Ghana.
Going forward, Dr Atuahene admonished the government to put favourable measures in place to prevent the departure of more companies.
ALSO READ:
- More businesses are working to move out of Ghana – Food and Beverages Association
- Don’t restrict imports, reduce taxes – Importers and Exporters Association tells government
