Ghana’s President John Mahama has denied allegations that private companies are deserting the west African nation due to a tough business environment occasioned by high taxes and a lethargic power crisis.

Local media has been reporting that some multinational companies have been shutting down their businesses in the country to look for more conducive business climate in neighboring nations such as Ivory Coast.

“It is not true that businesses are folding up to go to Cote d’Ivoire, it is just a political talk,” Mahama, who is seeking a second term in office, said in a radio interview on Twin City Radio in Takoradi.

“Anytime I hear such claims, I ask those who make that claim to provide the name of a single company that has left Ghana for Cote d’Ivoire; there is none.”

In November 2015, hotel group, African Sun Limited, exited its Ghanaian operations due to what it termed as “high fixed cost structure and slow revenue return”. The company had made over $3.5 million in losses in the previous two years.

Vibe Ghana reported in November that there had been a trend of companies leaving Ghana for Ivory Coast in recent years due to increasing cost of doing business fuelled by high taxes, corruption, power crisis and high cost of credit.

The West African nation, which pride itself as the gateway into the region, has been the destination of investments for a long while mainly because of its political stability.

But a persistent power shortage, nicknamed ‘Dumsor’ which means ‘on and off’ in Akan languange’, has in recent years crippled factories and other businesses in the country.

Analysts say the country’s economy has fallen from its glory days due to lack of proper fiscal reforms by the government during the commodity boom years.

The West Africa’s second-biggest economy after Nigeria was in 2011 the fastest growing economy in the world after its growth rate hit 15 percent boosted by high gold, cocoa and oil prices.

According to Reuters, rising bond yields, mounting inflation and a weakening currency have taken the shine off Ghana, a country until recently hailed as a model for African growth.