Multinational companies exiting Ghana worrying; it'll lead to job losses, deter investors — Economist

Professor Godfred Bokpin, an Economist and Professor at the University of Ghana, has expressed worry over the recent exits of multinational companies from the country.

According to the Professor, the departure of these multinational companies from the country will only cause job losses and deter future investors, which will impact Ghana’s economy on a larger scale.

In a discussion with Nana Yaa Konadu on Peace FM's Midday news bulletin, Professor Bokpin called for urgent solution to curb the collapse of businesses.

Professor Bokpin emphasized, “the departure of these multinational companies could lead to job losses and deter future investors from considering Ghana as a viable investment destination.”

According to him, “there is a hostile business environment characterized by high taxes and unreliable power supply which are contributing factors to the departure of these companies.”

Prof. Bokpin further stated that “this should serve as a wake-up call for policymakers to reassess tax regimes and create a more supportive environment for businesses, particularly local enterprises.”

French bank Société Générale's decision to withdraw from Ghana after nearly two decades of operations, along with Glovo, a prominent food delivery platform has raised concerns about the business environment in Ghana.