Founder of the Pan African Heritage Museum (PAHM), Kojo Yankah, has urged for the backing of local businesses following the departure of expatriate companies from Ghana.
He sees the withdrawal of foreign firms as a chance for indigenous entrepreneurs to thrive.
“Foreign companies leaving Ghana? An opportunity for Local Entrepreneurs! Let’s support local entrepreneurship,” the Founder of the African University College of Communications (AUCC) wrote on his Facebook page.
The French bank Société Générale has announced its decision to withdraw from Ghana after nearly two decades of operation.
The bank has enlisted investment bank Lazard to seek potential buyers for its operations, not only in Ghana but also in Cameroon and Tunisia. There are indications that Absa Bank is considering acquiring these subsidiaries, according to sources.
The exit of European banks, including Société Générale, from Africa is primarily due to the high cost-to-income ratio.
Economist Professor John Gatsi has voiced concerns about the departure of multinational companies from the Ghanaian economy.
The Dean of the University of Cape Coast School of Business highlighted the increasing cost of doing business and the depreciation of the Cedi as unfavourable conditions for businesses.
Prof. Gatsi emphasised that this trend should be a concern for all Ghanaians, as the departure of such companies often results in job losses.
“The entry of international companies into the country was received with gladness because of the positive effect on employment, revenue generation and also because it signalled to other companies a favourable business environment.
“The recent exit or planned exit from Ghana by multinational companies must be a worry for all Ghanaians. The environment is hostile and unsupportive of businesses.
“I thought we had a minister in charge of business development? What of the environment? I thought we had a minister in charge of industry. Let us be serious. I thought the government should be telling’s what is going on,” he wrote in a post on Facebook on Saturday.
It’s unfortunate but how and what went into this thinking. We live in a global village and we know how competition drives innovation. So to have Mr. Yankah see this as an opportunity is surprising. This government has performed poorly in creating enabling environments for businesses to thrive. Mind you,that enabling condition is no more so how do local businesses with poor liquidity and capital survive this? It doesn’t gel economically and this shouldn’t be misconstrued. This government has failed woefully and there should be no cover up whatsoever for their abysmalness.