President of the Republic, H.E John Mahama, appealed to the business community that Ghana is ready to welcome new investments, promising to create a business-friendly environment that fosters growth and prosperity.
Mr Mahama while maintaining the country’s position as a key player in the global economy, expressed his commitment to resetting the ailing economy through strategic reforms and policies designed to attract businesses.
In his inaugural address at the Black Star Square in Accra today, January 7, 2025, President Mahama stated there are challenges the country is facing but was quick to assure that his government is committed to fixing the mess being witnessed in the country.
He acknowledged the challenges businesses have faced in recent years and assured stakeholders that his government would prioritize stability, predictability, and an investor-friendly environment to drive economic growth.
“To the business leaders and entrepreneurs, I invite you to support this new model and join me in shaping a business environment where utility thrives and fruits of your investments contribute to the collective welfare of our nation. Your role in driving our economy forward cannot be overstated.
Mr Mahama’s pledge comes at a time many multinational companies relocated all or part of their business to other countries, following the harsh economic conditions in the country.
Food delivery giant in Africa, Glovo exited the Ghanaian market on May 10, 2024, citing profitability challenges and a reassessment of investment priorities.
This decision did not only affect the many jobs created by the firm for the young and ordinary Ghanaians, but also its contribution to the Gross Domestic Product (GDP) of the country.
These multinational firms, particularly in the consumer space, cited high cost of borrowing, astronomical taxes, elevated inflation, and perennial exchange rate depreciation as the major reasons for their exit.
In March 2024, Unilever Ghana also announced the relocation of its tea production operations from Ghana to Nigeria, citing the ongoing economic challenges in Ghana as the main reason.
In 2022, the exit of South African retail giant, Game also came as a big surprise to many consumers.
Source: Myxyzonline.com
