{"id":72928,"date":"2024-05-10T16:05:34","date_gmt":"2024-05-10T16:05:34","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken"},"modified":"2024-05-10T17:01:27","modified_gmt":"2024-05-10T17:01:27","slug":"exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken","title":{"rendered":"Exit of multinational firms: It\u2019s not going to get any better if drastic steps are not taken"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>The Chief Executive Officer of McDAN Group of Companies, Dr. Daniel McKorley, has asserted that if drastic measures are not put in place, multinational businesses will continue to leave Ghana.<\/b><\/p>\n

The businessman indicated that domestic businesses will collapse while foreign-owned companies exit Ghana\u2019s market, due largely to the harsh business environment.<\/p>\n

Mr. McKorley, underscored the importance of having the presence of multinational companies operating in the country.<\/p>\n

\u201cIt is not going to get any better if we don\u2019t take drastic and dramatic steps. I am an entrepreneur and to scan the environment, we are more concerned today because the foreigners are leaving, it is an alarm but how many local businesses are collapsing every day?\u201d he noted in an interview on Accra-based Joy FM on Thursday.<\/p>\n

According to the businessman, Ghana has a \u201csmall economy\u201d, thus the country\u2019s overreliance on imports poses a significant challenge to expanding the economy. This, he said, has reduced Ghana to \u201ca dumping ground\u201d for big companies.<\/p>\n

He also lamented over the current tax regime, which suffocates local businesses. Mr. McKorley urged the government to implement proper tax policies that are business-friendly to allow businesses to thrive.<\/p>\n

\u201cWe have a very small economy and we are being turned gradually over the years as dumping ground and we are becoming more of a consuming nation. We are not producing anything and we are not exporting anything.<\/p>\n

\u201cForeign direct investments are not coming but leaving, something is fundamentally wrong,\u201d he emphasised.<\/p>\n

He continued, \u201cWe don\u2019t have indigenous big businesses that will rake in foreign exchange. Everything we consume here is imported.\u201d<\/p>\n

Meanwhile, 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.<\/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

Exit of multinational companies from Ghana should be a worry for Ghanaians \u2013 Economist<\/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

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 McDAN Group of Companies, Dr. Daniel McKorley, has asserted that if drastic measures are not put in place, multinational businesses will continue to leave Ghana. The businessman indicated that domestic businesses will collapse while foreign-owned companies exit Ghana\u2019s market, due largely to the harsh business environment. Mr. […]<\/p>\n","protected":false},"author":84,"featured_media":72927,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-72928","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: It\u2019s not going to get any better if drastic steps are not taken - Ghana<\/title>\n<meta name=\"description\" content=\"The Chief Executive Officer of McDAN Group of Companies, Dr. Daniel McKorley, has asserted that if drastic measures a ...\" \/>\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-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken\" \/>\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: It\u2019s not going to get any better if drastic steps are not taken\" \/>\n<meta property=\"og:description\" content=\"The Chief Executive Officer of McDAN Group of Companies, Dr. Daniel McKorley, has asserted that if drastic measures a ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken\" \/>\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=\"2024-05-10T16:05:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-05-10T17:01:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715347725.228435.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=\"3 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-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Exit of multinational firms: It\u2019s not going to get any better if drastic steps are not taken\",\"datePublished\":\"2024-05-10T16:05:34+00:00\",\"dateModified\":\"2024-05-10T17:01:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken\"},\"wordCount\":530,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715347725.228435.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-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/exit-of-multinational-firms-its-not-going-to-get-any-better-if-drastic-steps-are-not-taken\",\"name\":\"Exit of multinational firms: It\u2019s not going to get any better if drastic steps are not taken - 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