President John Mahama has dismissed claims that companies are deserting Ghana as a result of high tax rates and power instabilities in the country.

Critics of the Mahama-led administration, in the heat of the power crisis, claimed that some multinational companies are fleeing the West African country for the power efficient and more conducive business climate neighbor, La Cote D'Ivoire.

Reacting to the claims, President Mahama told Twin City radio in Takoradi in the Western region that there is no shred of evidence to back the assertion that firms are leaving the shores of Ghana.

"There is something happening in the economy; you would recall that recently Fitch has downgraded countries like South Africa, Brazil, etc. and yet Ghana maintains its credit ratings. It tells you that something is happening to the economy. It is not true that businesses are folding up to go to Cote D'Ivoire, it is just a political talk, anytime I hear such claims, the question I always ask those who make that claim is, they should provide the name of a single company that has left Ghana for Cote D'Ivoire, there is none.

“Ghana's economy is the second largest economy in West Africa after Nigeria, Cote D'Ivoire is third. In my second term and by 2020, it is our plan to ensure that we run a balanced economy," he stated.