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Backstory: The government makes sure foreign corporations don’t control the entire economy – Ofori-Atta

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In May 2021, Finance Minister Ken Ofori-Atta declared that the government was making every effort to prevent foreign corporations from controlling the whole economy.

He said that the government would help local businesses so they could compete on the market with their overseas competitors.

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On May 10, 2021, Ken Ofori-Atta announced this at a press conference in Accra.

The government would encourage local businesses to guarantee that they are highly competitive against their overseas competitors, according to Finance Minister Ken Ofori-Atta.

According to Mr. Ofori Atta, the goal of this decision is to prevent foreign corporations from monopolising the whole Ghanaian economy in the near future.

In response to the #FixTheCountry campaign, he said this on Sunday, May 9, during a press conference in Accra when asked what the government is doing to make sure that indigenous businesses are enabled to thrive.

The goal of the battle for skills and utilisation is also to boost productivity, which will enable businesses to afford to give their employees higher compensation. For that, I believe all we need to do is keep introducing technology.

“On the subject of safeguarding Ghanaians from wrongdoing by foreign corporations. I believe that this really is a matter of administrative vigilance, and we can all support local SMEs and industry leaders so that they have the strength to properly bargain and prevent us from waking up in ten or twenty years to find that everything is owned by foreigners.

He answered, “That has to be intentional.

Ken Ofori-Atta went on to reassure that the Akufo-Addo administration is working to address the nation’s debt problems.

According to him, Ghana’s nominal debt is GHS 291 billion, or 76.66 percent of GDP.

The nation’s debt problem has drawn the attention of analysts.

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