The sharp drop of investments in Ghana, what is the government doing about it?

Invest In Ghana Today 'Import has significantly declined leading to a poor economy' - Citizen

Sat, 12 Feb 2022 Source: Joel Savage

In today's global economy, consumers are used to seeing products from all over the world in their local grocery stores and retail outlets, leading to investments and a healthy economy.

However, unfavorable conditions at the Ghana Ports and Harbor Authority have significantly affected investments in the country, which has taken a devastating toll on the economy of Ghana.

If exports are growing but imports declined, this may indicate that foreign economies are in better shape than domestic. This is the case in Ghana as import has significantly declined, leading to a poor economy.

Various reasons that have discouraged investment in Ghana include insecurity after the collapse of the banking institutions, high taxation tariffs on imported goods, and corruption.

There has been crime and corruption at the ports and harbors in Ghana but the situation became worse when the NPP government came to power, leading to a drop in investment in the country.

Many entrepreneurs, businessmen, and Ghanaians in the Diaspora are no longer interested in investment because the current Ghanaian government hasn’t been able to deal with problems at the ports.

For example, some consumer products are highly taxed between 100% and 200%, while many businessmen have become victims of fraud as imported goods are seized and auctioned.

It baffles many Ghanaians that the country has Ministers appointed to deal with problems at the Ports and Harbors Authority and Trade, yet these crimes are taking place daily at the ports without solutions.

This is a serious issue that needs immediate solution since the ports generate proportional high revenue to sustain the economy but nobody is interested to deal with those issues affecting the country financially.

However, the NPP government bent on passing the E-Levy bill in parliament the new electronic taxation will develop the country, create jobs and sustain the economy, in what way? This doesn’t make sense.

Imports don’t only provide consumers with more options to choose from but they also increase investment and play a significant role in transforming a fragile economy into a flexible or strong economy.

Since when a company imports a large number of goods, also means an influx of funds to the country, which stimulates consumer spending and contributes to economic growth, the Ghanaian government must solve the problems blocking investments in the country immediately.

We have been writing about these issues for a very long time yet nothing is being done. We believe that there is no good government that will ignore problems at a place that gives them billions of foreign exchange.

Columnist: Joel Savage