Papa Kwesi Nduom said the government has refused his constant call to have the various companies that belong to him which have collapsed restored. Nduom, an iconic figure in the Ghanaian business and political landscape, lamented the fact that the intransigent stance of the government was hampering the growth and revival of several businesses he is leading.
In a statement this week, Nduom enumerated the current struggles his companies have had to put up with, particularly since they were declared defunct by the state in recent years. Nduom says the government has also shown no willingness to collaborate with the restoration of the companies despite his numerous appeals and efforts to comply with regulatory demands. His businesses, which cut across several sectors including banking, hospitality, media, and insurance, have been dealt regulatory and financial blows, especially since the collapse of some financial institutions in 2018.
One of the major talking points mentioned in his statement is that the government is not giving a clear framework or guidelines as to how these moribund companies are to be revived, thus leaving many an entrepreneur like himself in limbo. His inability to revive these companies affects the interest of his business; with him, the livelihoods of thousands of employees and partners who depend on these firms for their income will also suffer.
The founder of Groupe Nduom, himself a former politician, said this approach by the government was too inflexible and not business-friendly. He said many of those still in the cold could be revamped with the right support and framework to give dynamism to the national economy and reduce unemployment.
Nduom has made the remarks at a time when most businesses in Ghana are struggling due to an unfriendly economic climate characterized by high inflation, debt, and increasing operational costs. With the government still battling these challenges, Nduom's call for more flexible and business-friendly policies may well appeal to many other entrepreneurs facing similar struggles.
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