Ken Thompson casts doubt over ability of indigenous companies to thrive amid exit of multinationals
Erstwhile Chief Executive Officer (CEO) of Dalex Finance, Ken Thompson, has cast doubt over the ability of indigenous companies to take advantage of the exit of multinationals from Ghana, to thrive and grow into big companies.
This, he noted, will be due to the persistence of the economic challenges that resulted in the exit of the multinationals from the country.
“I believe that the companies that will develop this economy are indigenous companies and we are talking about indigenous companies taking over after the exit of these multinationals which is a good thing, but the problem is that even if the indigenous companies take over, they will face the same problems and the small capital they have will be eroded.
“Because this is not an environment any business can thrive, so it has nothing to do with the multinationals, it has to do with our unconducive economic environment,” he averred.
He made the assertion speaking in an interview on Accra-based Joy FM monitored by norvanreports.
Speaking further, Mr Thompson quipped the Government is not interested in listening to the plight of the private sector and finding solutions to its challenges.
“The Government doesn’t care about the private sector, it doesn’t care about creating jobs, it’s only interested in itself and the people that benefit from the largesse.
“The Government doesn’t listen and anytime we complain, they reel out the projects that have been done but who cares, we don’t care about, what we care about as businesses is how we can effectively plan,” he quipped.
“We are in a situation where day-to-day we cannot plan, we don’t know where to invest, our hard-earned savings are gone and nobody is listening,” he added.
Ghana’s economy has been hit by the exit of several multinational companies (MNCs) in recent years, including Glovo, Nivea, Jumia Foods, Lipton Tea, Dark and Lovely, Bet 365, Game, and Bic.
The exit of MNCs can have significant impacts on the economy, including job losses, decreased economic activity, reduced competition and innovation, decreased availability of products and services, increased prices for consumers, and struggles for local businesses to fill the gap.
Moreover, the exit of MNCs can also lead to a decrease in foreign investment, which can further exacerbate the economic challenges facing the country.
The Government and regulatory bodies must take immediate action to mitigate the impacts of the exit of MNCs which can be achieved by implementing policies that support local businesses, encourage foreign investment, and promote economic diversification.
