Top 10 Multinational Companies that have left Ghana in recent times

In recent years, Ghana’s economic landscape has presented challenges for multinational corporations, resulting in a significant exodus of brands from the country. Despite its potential as a destination for foreign direct investment, Ghana has grappled with unstable economic conditions, impacting both local and international businesses.

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Factors such as the fluctuating value of the Ghanaian cedi, high inflation rates, and the rising cost of imports have contributed to this trend. Additionally, energy challenges, including frequent power outages known as “Dumsor,” and increasing utility costs have further complicated the business environment.

As a result, several well-known multinational companies have ceased operations in Ghana, citing strategic realignment and unfavorable operating conditions. This departure has not only affected job creation and Ghana’s Gross Domestic Product (GDP) but also broader economic growth and tax revenue.

Here are some notable exits from the Ghanaian market:

1. Glovo: The delivery service provider announced its exit from Ghana due to profitability challenges and a difficult business climate.
2. Nivea: The skincare brand discontinued its operations citing high operating costs and taxation.
3. Jumia Foods: The popular e-commerce platform shut down its food delivery division due to unsustainable market conditions.
4. Lipton Tea (Unilever): Unilever Ghana relocated its tea production operations to Nigeria, citing ongoing economic challenges.
5. Dark and Lovely: The haircare brand exited the Ghanaian market, citing the challenging economic environment.
6. BET 365: The online betting company withdrew its operations due to regulatory hurdles and an unsustainable tax burden.
7. Game: The South African retailer closed its branches in Ghana as part of a strategic decision by its parent company.
8. BIC: The pen production company moved its operations to Ivory Coast, citing economic challenges.
9. Societe Generale: The French bank announced its plans to exit the Ghanaian market after two decades of presence.