Thousands of skilled workers in the financial sector have become unemployed and impoverished due to the government’s banking sector clean-up, according to former President John Mahama.
Mr. Mahama stated that the 24-hour economy is a game for the Ghanaian economy while speaking at the 9th Ghana CEO Network Business Cocktail on Thursday, December 07, 2023.
“If you have survived this economy since 2018, then you are a successful global case study,” he claims that experiences from Ghana defy all the models and theories taught in business schools.
“Like my first participation, I have enjoyed your warm friendship and insightful conversations and shared great ideas with many of you here tonight. Of course, my determination to transform Ghana’s economy into a 24-hour working economy featured prominently in the conversations.
“But I cannot help but repeat the point made by one of the CEOs, with deep regret written on his face, that “we want to pay every legitimate tax, BUT the needless harassment from GRA must stop. Back-dated tax audits, re-audits and assessments based on the whims of the taxman are killing businesses”, he lamented,” Mahama stated.
Mr. Mahama claims that a lot of businesses are still negatively impacted by the current economic crisis.
Contrary to the Finance Minister’s claim, he said, “we have not turned any corner, and 2024 will be a very challenging year.” This is why.Numerous companies have closed, and hundreds of thousands of sacked employees remain at home. Companies that relocated their headquarters from Ghana to one of our neighboring countries still haven’t returned. Thousands of talented workers in the financial sector are now unemployed and living in poverty as a result of the ill-considered cleanup of the banking industry.