A banking consultant, Dr Richmond Atuahene, has praised French bank Société Générale for its decision to withdraw from the Ghanaian market, hailing it as a prudent business move.

After two decades of operation in Ghana, Société Générale has opted to exit the country, joining similar exits from Tunisia and Cameroon.

Dr Atuahene believes that Société Générale's departure may set a precedent for other banks to follow suit, citing the government's failure to create a conducive business environment for financial institutions as a contributing factor.

He expressed concern that the withdrawal of multinational companies like Société Générale could exacerbate Ghana's unemployment situation and negatively impact the economy.

"It is going to make our unemployment situation worse. SG [Société Générale] has been in the country for twenty years and they have participated in the cocoa syndication and some other businesses, but now they are leaving," Dr. Atuahene explained.

He noted that the absence of Société Générale would result in a loss of corporate taxes and revenue for the country, affecting its fiscal situation.

Additionally, Dr Atuahene cautioned that the departure of multinational corporations like Société Générale indicates a lack of significant economic progress, contrary to assertions made by institutions such as the World Bank and IMF.

"Despite claims by institutions like the World Bank and IMF that the economy is turning around, international banks like Société Générale have strong research departments and understand the variables that influence economic stability. Their decision to exit reflects a sober assessment of the economic landscape," he stated.