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Delivery Company Glovo is Saying ‘Bye Bye’ to Ghana

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The delivery company, GLOVO, has decided to cease operations in Ghana, effective May 10, 2024.

The reasons being profitability challenges and a need for substantial investment to achieve a stronger market position as the reasons behind this decision.

This move comes after Glovo had invested €3.7 million in the country to expand its operations. Despite the potential they saw in the Ghanaian market, it seems the road to profitability was a bit too bumpy for their liking.

So, if you’re a Glovo user in Ghana, make sure to get your last-minute orders in before the clock strikes 10 pm on May 10, 2024. After that, you’ll have to find a new way to satisfy your cravings or get your groceries delivered.

But hey, who knows? Maybe another delivery service will swoop in to fill the Glovo-shaped hole in Ghana’s market. In the meantime, it’s a good idea to explore other options and keep supporting local businesses in any way you can.

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Business

Access Bank App Outage: Father Losses Daughter

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The unfortunate situation involving the Access Bank app outage and the tragic loss of a 9-year-old daughter in a medical emergency highlights the critical role technology plays in our lives today. When the app failed to function, it prevented the father from accessing funds in a timely manner to provide the necessary medical care for his daughter, leading to her loss. This incident underscores the importance of reliable and accessible banking services, especially in emergencies.

While the specific details of the medical emergency are not provided, it’s clear that the inability to access funds in a timely manner played a significant role in this tragic outcome. The outage of the Access Bank app not only caused distress and inconvenience but also had severe consequences in this case.

This incident also raises questions about the robustness of banking systems and the need for contingency plans for such scenarios. It’s crucial for financial institutions to ensure their services are reliable and accessible, particularly during emergencies when quick access to funds can be a matter of life and death.

The loss of a child is an unimaginable tragedy, and the father’s grief must be profound. This incident serves as a stark reminder of the human cost of technological failures and the importance of maintaining robust and reliable systems to prevent such tragedies in the future.

 

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List of 10 multinational companies that have left Ghana since 2017 under Nana Addo and Bawumia Administration

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In recent times, several multinational companies have exited Ghana due to various challenges, including economic hardships and the unstable business environment. The following is a list of some notable companies that have left Ghana in recent years:

  • Glovo, a delivery service provider, will no longer operate in Ghana starting May 10, 2024. This decision stems from challenges in profitability and the overall tough business environment in Ghana. The company aims to focus its resources on the 23 other countries where it.

 

  • Nivea, a skincare brand, ceased its operations in Ghana in Dec 2023 due to high operational costs and taxes. This move was part of their strategy to streamline operations and prioritize markets with sustainable growth opportunities.

  • Jumia Foods, an e-commerce platform, shut down its food delivery division in December 2023 due to unfavorable market conditions and economic challenges, including significant financial losses.

  • Unilever Ghana relocated its tea production operations from Ghana to Nigeria in March 2024, citing ongoing economic difficulties in Ghana as the reason for the relocation.

 

  • Dark and Lovely, a haircare brand, exited the Ghanaian market citing economic challenges and rapid changes in the beauty industry.

  • BET 365, an online betting company, withdrew from the Ghanaian market due to an unsustainable tax burden and regulatory challenges.

 

  • Game, a South African retailer, closed its branches in Accra and West Hills malls in 2022 due to financial struggles as part of a strategic decision by its parent company.

 

  • BIC, a pen production company, moved its operations from Ghana to Ivory Coast in March 2024 due to economic challenges.

 

Societe Generale, a French bank, announced plans to exit the Ghanaian market after two decades, aligning with its broader strategy of focusing on leading markets amidst stiff competition, high costs, and regulatory demands across African countries.
  • Wilmar Africa Limited producers of Frytol said it is shutting down its operations in Ghana over operational difficulties.

 

These departures have not only affected job creation and Ghana’s Gross Domestic Product (GDP) but also broader economic growth.

 

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Société Générale Decides to Exit the Ghanaian Market after 20 years of Operation

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Société Générale has decided to exit the Ghanaian market after operating there for about 20 years. The bank initially entered Ghana in 2003 by acquiring a 51 percent stake in the then Social Security Bank. Alongside Ghana, the French bank has also chosen to leave operations in two other African countries, specifically Tunisia and Cameroon.

This decision is part of the bank’s strategy to concentrate its resources on markets where it can establish itself as a leading bank, aligning with its overall strategy. Sources close to the bank have mentioned that Société Générale has engaged the services of investment bank Lazard to seek potential buyers for its operations in these three countries.

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