An Economist and Professor of finance at the University of Ghana, Professor Godfred Bokpin has expressed concern about the exit of some multinational companies from the country.
The Associate Professor of finance at the University of Ghana Business School (UGBS) lamented that the exits of multinational companies from Ghana will potentially affect other investors who will be looking at coming to do business here.
Ghana’s economy has forced some multinational brands to announce a cessation of their operations in the country.
After nearly 20 years of operations in Ghana, French bank Société Générale has decided to withdraw from Ghana and Glovo, a prominent food delivery platform also announced its decision to end operations in Ghana this month despite significant investment in the last two years to expand its services.
Prof. Bokpin in an interview with Nana Yaa Konadu on Peace FM's Midday news bulettin, observed that the trend should be a worry for all Ghanaians, as the departure of these companies will largely have an effect that leads to job losses.
According to him, the recent exit from Ghana by these companies must be a worry for all Ghanaians because the environment is hostile and unsupportive of businesses because of taxes and unreliable power supply.
Additionally, Prof. Bokpin said this is the right time for policy makers to sit up and analyze tax regimes, most importantly the local businesses, but unfortunately those in charge are thinking of winning the next elections.
Source: Prince Baffour Asamoah/Peace FM Newsroom
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Prof. Do you know the tax these MNCs pay in their home country? Research more into the motives of these MNCs come to Ghana and stop your speculation. As a senior researcher, it would have been good to use these MNCs as a sample to do your research and come up with credible conclusions. Very disappointing to hear you speculating. That is not happen in the UK. We do evidence based research to drawn our conclusions.
Its very very good cos its an opportunity for locals to take charge of the economy cos we can
Prof research more about the real reason why some of those companies are folding up from West Africa. The likes of Société Générale were formed to be used as conduits to milk the formal French colonies in West Africa. These companies through their subsidiaries do all the fronting work for various French government regimes. Since the French West has woken up from their slumber that is the end. In a few years to come, a lot of indigenous French companies from various industries will fold up from Africa, and that will depend on how fast the remaining formal French colonies in Africa will cut ties with France. Those companies were set up for a purpose and they are no longer profitable because of the inadequate control over minerals in some formal French colonies in Africa. Africa must wake up fully