Reasons Ghana Should Learn to Put Local Investors Ahead of Foreign Ones (Opinion)


Here is a snapshot of a locally-produced , educated, dressed up startup out and about, on a fine business day somewhere in the Accra Metropoli.

It takes small scale enterprises to develop into growing and mature companies. All conglomerates were once startups.

Apple, the maker of iPhone, relies heavily on Foxconn for components to manufacture its gadgets .You it's therefore crystal clear that Ghana should not be so proud of receiving US $2.7billion last year in Foreign Direct Investments from several parts of the world to boost employment creation right around the country.

Ghana has reached lower middle income status. Today, we are at a Crossroads. Either we go round and round with foreign investors money that does more harm than good or we pave the way for and equip home- groomed investors to pump locally generated cash into manufacturing, processing , mining,petroleum, building and construction not to mention services.

There is money in the gutters of Accra. There is money to be made from economic activities right here and reinvest in Ghana.

The real problem with the rapid growth of Ghanaian business elites is the social, economic and political environment that remains unhealthy and business unfriendly .

We have possibilities but few opportunities to transition swiftly to maga company from startup status on account of jealousy, unfair competition, inadequate fiscal, monetary and economic security and policies.

The informal sector of the economy should be assisted in turning itself into formal sector.

Why this heavy over reliance upon foreign investors who are out to cause massive cash outflows to their home countries at the expense of our economy?