Unemployment Soars as Businesses Flee Under the weight of high taxes, soaring costs, and a shaky local currency, Ghanaian companies are likened to rotten fruits falling in the face of President Akufo-Addo’s governance.
As the opposition raises alarms and paints a bleak picture, recent collapses and relocations of major players like Glovo, JUMIA Foods, and Unilever expose a troubling trend.
With job losses mounting and businesses seeking greener pastures elsewhere, the once promising Ghanaian economy faces a critical test of resilience.
A member of the opposition National Democratic Congress communication Bureau, Lawyer Beatrice Annangfio, in a recent post on social media shed light on the issue; pointing out that, a number of those which are not collapsing are also relocating from Ghana.
As proof of her word. Lawyer Annangfio list recent collapses or relocations in a post on social media. The list includes Glovo delivery which only last week announced it was leaving the country.
Others on Lawyer Annangfio’s list are JUMIA Foods, GAME – shopping centre in the Accra Mall, Dark and Lovely Ghana, BET365, and Nivea Ghana.
She writes that, “BIC PEN relocated to Ivory Coast, Unilever has relocated its LIPTON TEA production to Nigeria due to the high cost of production in Ghana and excessive taxes.
Again, Unilever has been unable to commence Pepsodent production in Ghana since President Akufo-Addo commissioned the production plant 5 years ago due to high cost of production in Ghana.
These collapses and relocations translate into job flight for the Ghanaian economy in which already unemployment is high.
And, these job flights are just the latest under the government which in 2018 collapsed many banks and financial institutions in a supposed financial sector clean up that cost more than the amount of money that the banks were owing.
Source: whatsupnewsghana