Govt ensuring foreign companies do not take over the entire economy - Ofori-Atta

Finance Minister Mr Ken Ofori-Atta has revealed that local companies are going to be supported by the government to ensure that they become highly competitive against their foreign counterparts.

This decision, according to Mr Ofori Atta, is purposed to ensure that expatriate companies do not take over the entire Ghanaian economy in the near future.

He said this when asked about what the government is doing to ensure that indigenous companies are supported to become buoyant while speaking at a press conference in Accra on Sunday, May 9 in response to the #FixTheCountry movement.

“The whole issues of the fight for utilization and skills is also meant to increase productivity which will then help employers to be able to afford to pay more decent wages. I think we just need to continue to introduce technology for that.

“On the issue of protecting Ghanaians from foreign companies’ abuse. I think that that is really an issue of administrative vigilance and we all can strengthen our SMEs, captains of the industry so that they can stand to negotiate properly so we don’t wake up in the next ten or twenty years and everything is owned by foreigners.

“That has to be deliberate,” he said.

Mr Ofori Atta further assured that the Akufo-Addo administration is tackling the debt situation of the country.

In nominal terms, he said, Ghana’s debt stands at “GHS291billion representing 76.66 per cent of GDP.”

Analysts have expressed concerns about the debt situation of the country.