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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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1 Comment

1 Comment

  1. SadyeS

    July 13, 2024 at 2:46 am

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Business

Hamster Kombat Daily Cipher Code

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On July 25, 2024, the Hamster Kombat community engaged in discussions about the daily cipher code and mini-game puzzle. The daily cipher code for that day was ‘FLASH’, with each letter represented by a specific Morse code sequence.

F • • – •

L • – • •

A • –

S • • •

H • • • •

Participants were encouraged to solve the puzzle within a limited time frame to receive a Cryptic Key as a reward. The community actively shared and discussed the cipher code and puzzle solutions across various social media platforms, highlighting the interactive and community-driven nature of the Hamster Kombat game.

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Business

Germany’s government sells off all of its #Bitcoin  holdings, totaling $2.9 billion

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The German government has sold all of its Bitcoin holdings, totaling $2.9 billion, sparking a range of reactions from the cryptocurrency community. Some see this as a positive development, suggesting that the selling pressure from the government is over and anticipating a potential market recovery.

Despite the significant sell-off, Bitcoin’s price remained stable, indicating strong buying interest from other market participants.

The event has been a topic of discussion among cryptocurrency enthusiasts and analysts, with some expressing relief and others criticizing the decision as a missed opportunity.

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The increasing popularity of Airbnb is causing a drop in traditional hotel bookings; Dr. Nyamike, President of the Ghana Hotels Association

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Dr. Nyamike, President of the Ghana Hotels Association
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Dr. Nyamike, President of the Ghana Hotels Association, has expressed concerns about the impact of Airbnb on the hotel industry in Ghana.

He points out that while tourism is on the rise, there is a noticeable shift towards Airbnb, which is leading to a decline in traditional hotel bookings.

This trend is attributed to the Ghana Tourism Authority’s lack of regulation over the Airbnb system.

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