CPP cautions against mergers and acquisitions

Accra, Jan. 15, GNA - The Convention People's Party (CPP) has cautioned the Government not to see mergers and acquisitions of multinational companies as constituting industrialization. "If anything at all these attentions are neo-colonial mechanisms geared to further exploit the resources of our land to the benefit of foreigners."

This was contained in a statement issued in Accra and signed by Jonathan A. Attoh, Greater Accra Regional Secretary of the Party in Accra on Thursday.

He said the Party was alarmed at the assertion by President John Agyekum Kufuor that the current the era of industrialization Ghana was enjoying could be equated to that of the First Republic.

He said the CPP believed that Ghana would be in the position to proclaim an era of industrialisation only when the Tomatoes and Meat Processing Factories in the Upper East Region; The Tyre Factory in the Western Region; The Nsawam Cannery in the Eastern region and the Jute and Shoe Factories in Ashanti Region and others were reopened and made operative, "to build a self-reliant economy that is largely owned, financed, managed and controlled by Ghanaians."

"The CPP, therefore, calls on the President and his non-performing Party, the NPP to cease rejoicing over the continued neo-colonisation of the Ghanaian economy, because mergers and take-overs designed by imperialists and neo-colonialists have never in the economic history of a developing nation built a self-reliant economy," the statement said.