Banking consultant Dr. Richmond Atuahene has praised French Bank Société Générale for its decision to withdraw from the Ghanaian market, deeming it a prudent business strategy.
After operating in Ghana for two decades, Société Générale has opted to exit the country, joining similar departures from Tunisia and Cameroon.
Dr. Atuahene believes Société Générale’s move may set a precedent for other banks to follow suit, citing the government’s failure to foster a conducive business environment for financial institutions.
He expressed concerns that the departure of multinational companies from Ghana could exacerbate unemployment and negatively impact the economy.
Dr. Atuahene cautioned that the departure of multinational corporations like Société Générale reflects a lack of significant economic progress, contrary to assertions by institutions like the World Bank and IMF.
“It is going to make our unemployment situation worse and you know, SG [Société Générale]has been in the country for twenty years and they have participated in the cocoa syndication and some other businesses but now they are going.
“It means that they are no more there with the cocoa syndication and they are going with their taxes and so we are not going to get corporate taxes from them and so it will affect our fiscal situation.”
“With all the literature that the World Bank and IMF, especially the Bretton Woods institutions saying the economy is turning around, these international banks have strong research departments and they have studied the variables that make economic indications very stable and they have seen it and they know it is not going to happen today or tomorrow. So the earlier they pack their bags, the better for them.”