Economist urges Government intervention in withdrawal of multinationals from Ghana
Banking consultant and finance expert, Dr. Richmond Atuahene, has sounded a clarion call to the Government in light of the exodus of multinational corporations from the country.
In a candid interview with Accra-based Adom FM, Dr. Atuahene underscored the imperative for a sober appraisal of Ghana’s economic landscape, cautioning against the prevailing narrative of unbridled optimism.
At the heart of Dr. Atuahene’s concerns lie a host of daunting challenges that have rendered Ghana’s business environment increasingly inhospitable. From currency volatility to chronic electricity shortages, soaring inflation, and punitive taxation, the litany of obstacles confronting businesses operating within Ghana’s borders is formidable, to say the least.
“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.
“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,” he added.
Importantly, Dr. Atuahene admonished against the perilous trap of complacency, urging policymakers to transcend the allure of lofty rhetoric and confront the harsh realities of the business climate head-on.
Indeed, the departure of renowned multinational entities like Glovo, Nivea, and Jumia Foods, among others, serves as a poignant testament to the urgency of the situation.
The recent exit of Société Générale, a stalwart of Ghana’s financial landscape for two decades, only serves to exacerbate concerns surrounding the nation’s attractiveness as an investment destination.
In the wake of this exodus, Dr. Atuahene issued a resolute call to action, imploring the government to enact robust measures aimed at mitigating the outflow of foreign capital and fostering an environment conducive to sustained economic growth.
