{"id":72910,"date":"2024-05-10T06:13:05","date_gmt":"2024-05-10T06:13:05","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=72910"},"modified":"2024-05-10T05:44:35","modified_gmt":"2024-05-10T05:44:35","slug":"exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination","title":{"rendered":"Exit of multinational firms: Ghana losing its position as favourable business destination"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has observed that Ghana is gradually losing its position as a favourable destination for doing business in the West African Sub-region.<\/b><\/p>\n

He said that generally, the purchasing power of the ordinary Ghanaian has dwindled over the years, leading to low patronage of goods and services.<\/p>\n

This, he noted, has resulted in some small-margin businesses folding up or exiting the Ghanaian market.<\/p>\n

In late April, a multipurpose online platform for delivery services, Glovo, announced its intention to cease its operation in Ghana effective May 10, 2024.<\/p>\n

Also, media reports in early May suggested that French bank Socie\u0301te\u0301 Ge\u0301ne\u0301rale (SG) Ghana is planning to exit the country\u2019s banking sector.<\/p>\n

However, the Managing Director of SG-Ghana, Hakim Ouzzani, said at the bank\u2019s 44th Annual General Meeting in Accra that the media reports did not emanate from the bank, describing them as \u201crumours.\u201d<\/p>\n

Exit of multinational companies from Ghana: A wake-up call for economic diversification<\/p>\n

But Mr. Badu-Aboagye, speaking on Joy FM on Thursday, maintained that the economic conditions in the country are the cause of the rising cost of living as businesses fold up and employees get fired regularly, exacerbating the unemployment situation.<\/p>\n

According to him, the exit of multinational companies from Ghana is \u201csending a signal that there\u2019s something fundamentally wrong with the business environment.\u201d<\/p>\n

\u201cAnd if you look at the reasons they cited, these are reasons that are affecting even domestic businesses.<\/p>\n

\u201cIf you take for instance, Jumia and also Glovo, in a situation as we find ourselves with a high operational cost, high interest rates and the rest, you realized that the companies that will fall quickly and earlier are those with the smallest margin, because their business model depends on the ability of the Ghanaian to purchase a product.\u201d<\/p>\n

\u201cIf Ghanaians are not buying it means Glovo and Jumia will not be there to distribute. And of course Ghanaians are not buying because sales have gone down, purchasing power has gone down and the businesses that are supposed to make profit to take care of employees are also closing down.<\/p>\n

\u201cSo generally sending a signal…it looks as if we are if we have not lost it, gradually losing our position as a favourable investment destination in West Africa,\u201d he stated.<\/p>\n

He emphasised that the exit of some multinational companies signals that local businesses are struggling within the economy.<\/p>\n

Meanwhile, the founder of the Pan African Heritage Museum (PAHM), Professor Kojo Yankah, has called for support for indigenous businesses in the wake of reports of expat companies exiting Ghana. In his view, the exit of foreign companies presents an opportunity for local entrepreneurs.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has observed that Ghana is gradually losing its position as a favourable destination for doing business in the West African Sub-region. He said that generally, the purchasing power of the ordinary Ghanaian has dwindled over the […]<\/p>\n","protected":false},"author":84,"featured_media":72909,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-72910","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\nExit of multinational firms: Ghana losing its position as favourable business destination - Ghana<\/title>\n<meta name=\"description\" content=\"The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has ob ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Exit of multinational firms: Ghana losing its position as favourable business destination\" \/>\n<meta property=\"og:description\" content=\"The Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye, has ob ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-10T06:13:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715307120.161197.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Exit of multinational firms: Ghana losing its position as favourable business destination\",\"datePublished\":\"2024-05-10T06:13:05+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination\"},\"wordCount\":478,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715307120.161197.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-ghana-losing-its-position-as-favourable-business-destination\",\"name\":\"Exit of multinational firms: Ghana losing its position as favourable business destination - 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