The flagbearer of the National Democratic Congress (NDC), former President John Dramani Mahama, has made a heartfelt plea to multinational companies to reconsider their decision to exit the Ghanaian economy.
In a bid to assure these companies of better times ahead, Mr Mahama emphasized that the next NDC administration will prioritize creating a conducive environment for businesses to thrive.
Several multinational companies, including Glovo, Nivea, Jumia Food, and BIC Pen, have recently pulled out of Ghana, citing a challenging business environment. This exodus has raised concerns about the country’s economic stability and investment attractiveness.
Mr Mahama highlighted the alarming rise in public debt, which currently stands at an overwhelming GHC658.6 billion. He expressed his disappointment over the closure of businesses like GAME, Glovo, Nivea, BIC Pen, Dark and Lovely, and the relocation of Unilever’s tea production to Nigeria. Despite these setbacks, he urged the investor community to stay a bit longer and not abandon the country.
The former President assured that a new NDC administration would collaborate with businesses to ensure their success and prosperity. This commitment to fostering a business-friendly environment aligns with efforts to attract and retain foreign investments in Ghana.
Furthermore, Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), called for urgent amendments to the country’s labour laws to restrict foreign nationals’ participation in the retail sector. Dr Obeng emphasized the need to address the dominance of Chinese companies in the retail market, as they account for over 40% of business activities and pose a threat to local enterprises.
Despite challenges faced by local businesses in competing with foreign entities, Dr Obeng refuted claims of overpricing and emphasized the importance of protecting and promoting local industries. This call to action resonates with ongoing discussions about safeguarding Ghana’s economic interests and creating a level playing field for all businesses.
As Ghana navigates through economic uncertainties, the proactive engagement of political and business leaders is crucial in fostering a resilient economy that caters to the needs and aspirations of all stakeholders. With a collective effort to address challenges and seize opportunities, Ghana can sustainably develop and thrive in the global marketplace.
