John Dramani Mahama Urges Multinational Companies to Stay in Ghana Amid Economic Challenges

Accra, Ghana – John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), has made a heartfelt appeal to multinational companies, urging them not to withdraw from the Ghanaian market despite ongoing economic challenges.

This plea follows a worrying trend of multinational corporations relocating their operations due to unfavorable economic conditions.

From 2022 to the present, Ghana’s economic landscape has driven many multinational companies to consider moving part or all of their operations to other countries. The latest departure is Glovo, a leading food delivery company in Africa. The Spanish firm announced on May 10, 2024, that it would exit the Ghanaian market, citing profitability issues and a reassessment of its investment priorities.

Speaking at the 8th Ghana CEO Summit in Accra on Monday, May 27, Mr. Mahama voiced his concerns about the negative impact of multinational companies leaving Ghana. He emphasized that such exits would significantly harm job creation, reduce tax revenue for the state, and hinder overall economic growth.

“Amid all the companies leaving, our public debts have hit a staggering 658.6 billion cedis. But we cannot despair over the poor quality of governance that has served us in the last seven and a half years,” Mahama stated. “I use this opportunity to appeal to you captains of the industry to tarry a bit more. Please don’t leave our country. There is a saying that the darkest hour is before the dawn.”

Mr. Mahama also pledged to create a favorable environment for businesses if the NDC wins the 2024 elections. He assured the audience that the NDC is committed to fostering a supportive business climate to attract and retain multinational corporations, thereby boosting economic growth and prosperity in Ghana.

“The beauty of our democracy is that it affords us the opportunity to change our current trajectory. You can be rest assured that the new NDC administration will create a conducive environment for businesses to thrive,” he insisted.