Prime News Ghana

Companies relocating because of bad economy - ICU Boss

Mr Eleazer Nyaunu
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Mr Eleazer Nyaunu, the Tema Regional Officer of the Industrial and Commercial Union (ICU) has called on government to put proper measures in place to boost Ghana’s business environment in order to prevent companies from relocating to other countries in the sub-region.


His call comes from an obersavation that many businesses are relocating to neighbouring countries like Ivory Coast due to the unfavourable economy in the country.

According to him, Ivory Coast, which came out of civil war recently, has been able to grow its economy by 8.6 percent through the creation of a conducive business environment for all industries and was a better option for companies considering the high operational cost in the Ghana.

In an interview, Mr Nyaunu said, “If we are saying that the economy is not on a sound footing and businessmen are moving to neighbouring country, it is not only physical but they are moving resources and that is very real. I can confidently tell you that resources are being shifted beyond the shores of Ghana".

Some companies, according to him, had also resorted to unplanned dismissal of workers to save money in order to survive in Ghana disclosing that over 500 workers had been sacked by their employers within the Tema Industrial Area in the first quarter of this year,  Daily Guide reported.