Breaking News

Why businesses may fail in Nigeria but thrive in Ghana

Want create site? Find Free WordPress Themes and plugins.

Why businesses may fail in Nigeria

We really don’t need anyone to tell us Nigeria is a failed state with a lot of political, social, economic and security as major problems in the country.

Poverty

Dwindling economy

Harassment by security agencies

Security

Unrealistic Expectations

Corruption/Bribery

Terrorism/Kidnappings

Zero online freedom

Decline in free speech

Tribalism

Bureaucracy, Inconvenient Government policies & regulations

Electricity / Power Supply

Limited resources

Nigeria is a Hostile Business Environment

High cost of business financing

These are some of the challenges of starting a business in Nigeria and according to Nigerian bank Stanbic IBTC over 80% of Nigerian start-ups fail within their first five years. If the Opay, Go-kada and other bike hailing services didn’t teach some people lesson, I don’t know what will.

With population of 25.5 million, Ghana is considered to be one of the more stable countries in West Africa that has thrived. Its economy has continued to expand in 2019, with real GDP growth estimated at 7.1%.

Why businesses will thrive in Ghana 

Unlike Nigeria, over the past few months Ghana’s Government has been working to improve business environment, it has reduced overall cost of doing business and improving the macroeconomic space to reduce significantly the cost of borrowing.

According to the World Bank Group 2020 Doing Business Report, the country improved its ranking to 118 out of 190 countries while Nigeria ranks 131

Although Ghana’s economic outlook is positive but faces several risks and challenges due to the spread of COVID-19 and lower oil prices, here are some reasons why Doing Business in Ghana is beneficial

Democratic Governance

Economic and political stability

Vibrant Media Activities

One of the fastest growing economies in the world

Political Stability

High standard of peaceful environment for business  

Decreasing Bureaucratic Systems

Conducive entrepreneurial climate

Extended open hands for investors and investments

We can all agree that with everything happening in Nigeria, it can no longer be tagged the Giant of Africa but who is?

Is Ghana surpassing Nigeria?

Growing up, the only most talked about countries were Ghana, South Africa and Nigeria, Ghana with reference to “Ghana must go”, South Africa a dream location for most Nigerians and Nigeria as the giant of Africa.

Today, Ghana has gone and left Nigeria behind, South Africa is still good place to visit and Nigeria is debatably the giant of Africa.

Following an announcement from Jack Dorsey on Twitter of its incoming presence in Africa and looking to open its first office in Ghana, sparked up rage from Nigerians about how disappointed they are with Nigerian government and how backward the country is.

so why Ghana?

Some reasons why it is Ghana

-Ghana has surpassed Nigeria in Democracy and more

– a supporter of free speech.

– Promotes online freedom.

-Africa continental Free Trade Area (AfCFTA) is hosted by Ghana

Why Nigerians concerned about this news?

If there are over 20 foreign companies in Nigeria then why is Twitter HQ a concern? The first thought that comes to mind is as “giant of Africa” and most active Twitter users in Africa, one would think the first place Twitter settles would be Nigeria.

Most importantly, The new Twitter HQ in Ghana creates job opportunity for IT enthusiast in Africa as a whole, It will recruit 11 people in Ghana which will be the company’s first hires in Africa. It is a great news to Ghanaians but not so much to Nigerians. “if you want to be stationed in Ghana why are some of your roles focused on Nigeria and Nigerians”?

Ghana must go? yes they left and left Nigerians behind as the winner of the “Jollof war”

Did you find apk for android? You can find new Free Android Games and apps.
Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *

*

x

Check Also

Turn the internet to your making money machine

Want create site? Find Free WordPress Themes and plugins.50 Ways you can make from Home ...