Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama has made a heartfelt appeal to multinational companies to reconsider their decisions to exit the Ghanaian market.
Speaking at the 8th Ghana CEO Summit in Accra, Mr. Mahama addressed the growing trend of multinational firms relocating due to the challenging economic environment that has persisted since 2022.
Economic Exodus and Recent Departures
The economic climate in Ghana has seen significant shifts, prompting several multinational companies to move their operations elsewhere.
The latest to announce its exit is the food delivery giant Glovo.
The Spanish company declared its departure from the Ghanaian market on May 10, 2024, attributing the decision to profitability challenges and a reassessment of its investment priorities.
Impact on the Economy
Mahama highlighted the adverse effects of these departures on the nation's economy.
"Their departure will obviously impact negatively on job creation, tax revenue to the state, and ultimately economic growth," he stated.
The former president underscored the urgency of retaining multinational investments to support economic stability and development.
Appeal for Patience and Perseverance
Addressing the summit attendees, Mahama acknowledged the dire state of the economy, marked by soaring public debts amounting to 658.6 billion cedis.
Despite these challenges, he urged business leaders to hold on a bit longer.
"Amid all the companies leaving, our public debts have hit a staggering 658.6 billion cedis. But we cannot despair over the poor quality of governance that has served us in the last seven and a half years. I use this opportunity to appeal to you captains of the industry to tarry a bit more. Please don’t leave our country. There is a saying that the darkest hour is before the dawn," he said.
Promises of a Conducive BusinessEnvironment
Mahama assured the business community of the NDC’s commitment to fostering a favorable environment for businesses should they win the 2024 elections.
"The beauty of our democracy is that it affords us the opportunity to change our current trajectory. You can be rest assured that the new NDC administration will create a conducive environment for businesses to thrive," he promised.
Looking Ahead
The NDC flagbearer's appeal comes at a critical juncture for Ghana's economy.
As multinational companies weigh their options, Mahama's assurances aim to instill confidence and encourage businesses to stay the course in Ghana.
His vision for a supportive and thriving business environment under an NDC-led administration offers a glimmer of hope amid current economic difficulties.
John Dramani Mahama's address at the Ghana CEO Summit highlighted the pressing need for multinational companies to remain in Ghana, emphasizing the potential for economic recovery and growth with the right governance.
His call for patience and his commitment to creating a conducive business environment reflect a strategic approach to stabilizing and revitalizing the Ghanaian economy.
Story by: Joshua Kwabena Smith
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