Mahama Urges Global Firms During the 8th Ghana CEO Summit, which took place in Accra on Monday, May 27, 2024, National Democratic Congress (NDC) flagbearer John Dramani Mahama strongly urged multinational companies to stay in Ghana despite a worrying outflow caused by the country’s economic difficulties.
The economic climate in Ghana has gotten worse over the last two years, which has caused many global corporations to reevaluate their position there. Glovo, a big Spanish meal delivery company, recently announced its departure from Ghana, describing a shift in investment priorities and profitability issues as the reasons for its withdrawal as of May 10, 2024. This news brought attention to the departure trend.
Mr. Mahama expressed serious concerns about the possible consequences of these corporate withdrawals during his speech. He emphasized how important it is for these businesses to support economic life by bringing in tax money, producing jobs, and accelerating economic growth.
“Our public debts have hit an outrageous 658.6 billion cedis among all the enterprises fleeing,” Mahama said, bringing attention to the terrible situation of the country’s economy. “However, we must not give up due to the poor governance that has been in place for the past 75 months.” I would like to take this opportunity to ask you, industry captains, to please hold off a little longer. Do not leave our country, please. “We believe the darkest hour is just before dawn,” he begged.
The former President, projecting a hopeful vision, promised to cultivate a more favorable business environment should the NDC emerge victorious in the upcoming 2024 elections. His pledge emphasizes the party’s commitment to creating a supportive business climate that not only attracts but also retains multinational investments, aiming to reverse the current economic downturn and lay the groundwork for future prosperity.
“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,” Mahama assured the gathering of business leaders and industry stakeholders.
The timing of this appeal is crucial for Ghana, since it affects not just the country’s economy but also the larger socioeconomic system that provides for the livelihoods of millions of people. Multinational companies’ possible departure presents a serious risk that could result in increased unemployment, decreased tax receipts, and a slower rate of economic recovery.
