The business tycoon said the economy has been terrible for business but Ghanaians have proven resilient.

According to him, it is the Ghanaian spirit that in many areas in spite of very high levels of taxes, interest rates, and the difficulties government institutions put in the way of business that keeps people going.

Nduom, on Joy News, debunked the president's assertion that the economy has been resilient over the past seven years.

Ghanaians he said, have been persistent and they still want to do business and they are still investing their monies despite the challenges.

He cited past politicians like Paa Grant who owned big business with offices in Europe, owned a shipping company, exported logs and had European employees.

Paa Grant, the business mogul said lost everything although he has grandchildren who could have continued what he started driving Nduom to questions whether the collapse of his businesses was because he was involved in politics or he did something wrong as a person.

He used this example to buttress the point that Ghanaians has started investment years ago and also to show that from back then to now, Ghanaian businesses have been facing difficulty.

There were those whose businesses were seized from them by the state who left the Ghana and never came back, he said.

Also, Dr. Nduom said there are Ghanaians whose businesses have collapsed because of the high cost of doing business, unfair competition and the tough terrain makes it impossible to continue running their businesses.