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Local Business Government’s negative policies favouring foreign businesses – Nduom

Dr Nduom said the current business policies being rolled out by the government are stifling the growth of indigenous businesses in the country.

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The president of Groupe Ndoum, Dr. Papa Kwesi Nduom, has said that the Akufo-Addo policies are favouring foreign businesses over their indigenous counterparts in the country.

In an interview with Accra-based Starr FM, Dr Nduom said the current business policies being rolled out by the government are stifling the growth of indigenous businesses in the country.

Dr Nduom cited the example of the demands by the government on the financial sector which he said had caused some banks to be taken over by the government or folded up entirely.

READ ALSO: Ghana cedi hits record low

He argued that the government’s deliberate continuous increase in capital requirements for financial institutions which local banks cannot match is enough evidence to show that the government wants indigenous banks to collapse so that the few foreign banks could take over the financial market.

He argued that the posture of the government can be blamed for the collapse of many indigenous financial institutions, which were not only paying huge taxes to support the country’s development but also contributed in reducing the unemployment rate by offering jobs to a lot of people in the country.

He explained that it is even the local banks that have been able to bring banking to the doorsteps of Ghanaians thereby improving local economies compared to the foreign banks that are only focused at regional capitals.

READ ALSO: Prices of foodstuff to go up in July – Esoko

Such banks, he added, even repatriate their profit compared to that of the local banks which stay in Ghana to support the economy and that government will end up sending a bad signal about local companies to Ghanaians preventing them from believing in such Made in Ghana Brands.

He also urged the government to live up to its responsibility of making industrial enclaves conducive for business, especially by providing the needed infrastructure that industry needs to function efficiently.

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