Gov’t doesn’t care about the private sector and doesn’t listen, only interested in spending more – Ken Thompson says
Former CEO of Dalex Finance, Ken Thompson, has accused the Government of showing less interest in matters that facilitate the growth of the country’s private sector.
According to Mr Thompson, the current economic environment is extremely unconducive for the private sector to thrive, hence the reason for the exit of many multinationals from the Ghanaian market in the last few years.
Speaking in an interview on Accra-based Joy FM monitored by norvanreports, Mr Thompson quipped the Government is not interested in creating jobs for the country’s unemployed and hence does not listen to the plight of businesses.
In his view, the one thing that the Government shows interest in, is spending more money.
“But why are the multinationals leaving, I will tell you why and the answer is simple, 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.
“The Government isn’t listening, all that it cares about is spending more money on itself, and the consequences for that is high interest rates for businesses and a poor population that can’t spend,” 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.
