Both Ghana’s economic manager and the managers of Manchester United appear to lack direction – Dr. John  Kwakye

The Director of Research at the Institute of Economic Affairs (IEA), Dr. John Kwakye, has observed that Ghana’s Economic Management Team (EMT) and managers of English Premier League side Manchester United both seem clueless in addressing the problems that confront them.

Manchester United were handed a 4-0 defeat at Selhurst Park against Oliver Glasner’s Crystal Palace on Monday.

In a post on X, the IEA Fellow asserted that despite the solutions to the problems of both managers, it appears they have no idea what to do.

Dr.Kwakye said, “It seems to me that the managers of Ghana’s economy are like the managers of Manchester United. Both seem clueless in addressing the problems confronting them, although the solutions are far from rocket science.”

Also, the economic climate in Ghana has been cited as pushing some multinational brands out of the country.

According to economist Professor John Gatsi, the exit of multinational companies must be a source of worry for Ghanaians.

 

 

He noted that the departure of these companies largely results in job losses, exacerbating the unemployment situation in the country.

“The entry of international companies into the country was received with gladness because of the positive effect on employment, revenue generation and also because it signaled to other companies of a favorable business environment.

“The recent exit or planned exit from Ghana by multinational companies must be a worry for all Ghanaians. The environment is hostile and unsupportive of businesses.

“I thought we have a Minister in charge of business development? What of environment? I thought we have a Minister in charge of industry. Let us be serious. I thought the government should be telling us what is going on,” Prof. Gatsi wrote in a post on Facebook on Saturday.

Meanwhile, after nearly 20 years of operations in Ghana, French bank Société Générale has decided to withdraw from Ghana.

Société Générale has engaged investment bank Lazard to explore potential buyers for its operations in Ghana, Cameroon, and Tunisia. There are indications that Absa Bank is seriously contemplating acquiring these subsidiaries, sources say.

The departure of European banks from Africa, including Société Générale, is primarily attributed to the high cost-to-income ratio.