Pulse.com.gh logo
Go


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.

  • Published: , Refreshed:

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.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Ponzi schemes in Ghana These investments are Ponzi schemes in Ghana, so...bullet
2 Donor Support World Bank injects $60m into Ghana’s energy, tourism sectorsbullet
3 How to make money online Online jobs; how to make money on YouTube...bullet
4 Investment banks in Ghana Top 5 investment banks in Ghana and why...bullet
5 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions...bullet
6 Salaries In 2018 Here are the dates public workers will be...bullet
7 Menzgold Ghana Investment company closes down its Gold Vault...bullet
8 Education Top 5 private high schools in Ghana according to...bullet
9 Number 12 Panic withdrawals hit savings & loans company...bullet
10 Cost of Fuel IES predicts increase in fuel prices this...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 Plane Crash Starbow suspends operations following plane crashbullet
4 Tech 6 reasons you should buy an iPhone SE instead of any of the...bullet
5 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
6 New Discovery Ghana discovers new mineral, lithium in...bullet
7 Support Finance minister buys Kantanka carbullet
8 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
9 New Phone Nokia’s MWC 2018 event in 7 minutesbullet
10 New Phones Nokia MWC 2018 Event in 5 minutesbullet

Business