Multinational Companies: ‘Please don’t leave our country’- Mahama begs

Former President John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has pleaded with multinational companies to stay in Ghana, promising an end to the sufferings they are experiencing under the Akufo-Addo-Bawumia administration.

Some multinational companies, including Glovo, Nivea, Jumia Food, and BIC Pen, have left the Ghanaian economy, citing a difficult business environment.

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In a post on X on Monday, May 27, Mr Mahama highlighted that the incoming NDC administration will collaborate to achieve economic success.

The former President also expressed concern over the mounting state debt, which is now estimated at GHC658.6 billion.

Multinational companies that have shutdown

“GAME, Glovo, Nivea, BIC Pen, Dark and Lovely have all shut down. Unilever has relocated its tea production to Nigeria. Amid all this, our public debt has now hit a staggering 658.6 billion Ghana Cedis.

“But we cannot despair over the poor quality of governance that has served us in the last seven and a half years. I wish to use this opportunity to appeal to you, captains of industry and the investor community, to tarry a bit more. Please don’t leave our country.

“You can rest assured that a new NDC administration will work with you to create a conducive environment for businesses to thrive,” Mr Mahama wrote.

Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), has asked for an urgent change to the country’s labor laws to prohibit foreign nationals from working in the retail sector.

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According to Dr. Obeng, multinational companies account for around 80% of all items imported into the country, with indigenous enterprises accounting for barely 20%.

“Now our major problem is with the Chinese and we are going to go on them seriously.”

“The Chinatown and China Mall, these Chinese companies here and all that are taking a chunk of our business over 40%,” he told Keminni Amanor, host of Hot Issues on Sunday.

Dr Obeng, on the other hand, rejected the concept that local businesses overpriced their products, forcing people to buy from Chinese businesses or multinational companies.