President of Groupe Nduom, Dr. Papa Kwesi Nduom has raised concerns over the unfair treatment of Ghanaian-owned businesses and what seems to be a scheme by governing parties to frustrate and ruin local companies that have the potential of maturing to compete internationally.
The business mogul whose GN Bank, has been downgraded to a Savings and Loans company and another, Gold Coast Fund Management struggling to find its feet in the industry, is unhappy with events in the banking sector and has a lot of questions for managers of the country.
Dr. Nduom in a Facebook post, poured out his heart and wondered why foreign banks are allowed to establish in Ghana and are able to survive but “no Ghanaian bank has crossed boundary and established in other African countries or the UK, Europe, Asia”.
The renowned businessman’s writeup suggests that the collapsing of local companies and shaming of the owners should not be the solution to challenges as the world’s successful businesses were also confronted with challenges.
“Why is it that when a Ghanaian company faces challenges, the answer is close it, make noise and disgrace the owners? Aren’t challenges meant to be solved?
Why do we think that Dankote, Elumelu, Buffet, J P Morgan, Bill Gates did not face challenges or make mistakes on the way up? What if their companies had been vilified and closed when problems showed up?” Dr. Nduom queried.
Read Dr. Nduom’s writeup below
Why?
This evening, I am asking why?
Why is it that no Ghanaian bank has crossed boundary and established in other African countries or the UK, Europe, Asia?
But banks from Nigeria, South Africa, France, etc have established in Ghana?
Why is it that we cannot name indigenous Ghanaian private sector companies that have been in business successfully for more than 50 years?
Why do we prefer state-owned or foreign owned to Ghanaian owned? We can’t allow our neighbors or school mates or “friends” to succeed?
Why is it that when a Ghanaian company faces challenges, the answer is close it, make noise and disgrace the owners? Aren’t challenges meant to be solved?
And we wonder why we continue to import everything? And wonder why the Cedi cannot match the pound or euro or dollar?
Why do we think that Dankote, Elumelu, Buffet, J P Morgan, Bill Gates did not face challenges or make mistakes on the way up? What if their companies had been vilified and closed when problems showed up?
So what if we stopped using the Cedi every time it lost value significantly against the dollar? What would we do?
And what if we banned political parties every time they lost an election? What would happen to NPP and NDC?
Why do we love sweet words, and those who promise “milk and honey”, no losses, no hard work, no problem and instant wealth yet live in these difficult conditions?
More to come. I am not done yet!
