John Dramani Mahama has appealed to multinational companies, encouraging them to continue investing in Ghana and resist the temptation to pull out of the country’s economy.
His plea comes amid a worrying trend of multinational companies departing Ghana, driven by economic difficulties, and relocating their operations to what they deem more favourable environments.
The prevailing economic conditions in Ghana between 2022 and now have led several multinational companies to contemplate moving some or all of their operations to other nations, in search of a more conducive business environment.
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Glovo, a prominent African food delivery service, has become the latest multinational to leave Ghana, announcing its departure on May 10, 2024. The Spanish firm cited challenges in maintaining profitability and a shift in investment focus as reasons for its exit from the Ghanaian market.
Addressing participants at the 8th Ghana CEO Summit held in Accra on Monday, May 27, Mr. Mahama expressed concern over the potential adverse effects of multinational companies leaving Ghana
The former President added that the departure of companies like Glovo would have severe repercussions, including job losses, decreased tax revenue for the state, and a decline in economic expansion, ultimately undermining Ghana’s economic progress.
“Amid all the companies leaving, our public debts have hit a staggering 658.6 billion cedis. But we cannot despair over the poor quality of governance that has served us in the last seven and a half years,” Mr. Mahama said.
In his plea to the companies that are considering leaving Ghana, former President John Dramani Mahama urged business leaders to remain invested in the country.
“I use this opportunity to appeal to you captains of the industry to tarry a bit more. Please don’t leave our country. There is a saying that the darkest hour is before the dawn,” he added.
Mr. Mahama also promised to create a business-friendly environment, conducive to growth and investment, if the NDC emerges victorious in the 2024 elections, ensuring that companies can thrive.
“The beauty of our democracy is that it affords us the opportunity to change our current trajectory. You can be rest assured that the new NDC administration will create a conducive environment for businesses to thrive,” he said.
