Benjamin Yeboah, the Welfare Officer of the Ghana Union of Traders’ Association (GUTA), has emphasised the need for authorities to follow the law and crack down on foreigners operating in the retail sector.
He noted that the retail sector, which was once exclusively for locals, is progressively becoming a safe haven for foreigners, mainly Chinese and Nigerian traders, who flood the market with low-cost goods.
Speaking in an interview on Frontline on Rainbow Radio 87.5 FM, he noted that foreigners have invaded the Ghanaian retail market in breach of our trade laws.
The situation he bemoaned is pushing Ghanaian local businesses out of the market.
The law he noted requires that foreigners who want to operate in the Ghanaian market should invest $1 million with a minimum of 20 workers, but the situation is different in the market with foreigners operating retail activities.
He stated that these foreigners sell their goods at cheaper rates because they contract loans at single-digit interest rates compared to Ghanaian business owners, who get loans at around 40%.
This, he said, is not healthy because Ghanaian businesses cannot compete with these foreigners.
He added that the activities of the foreign traders, who often expatriate their earnings in foreign currencies, are one of the reasons for the cedi’s free fall.
He made the remarks in an interview on Frontline on Rainbow Radio 87.5 FM.
He said we have not been able to implement our laws. Though the laws of the country require that certain retail businesses be handled by Ghanaians, foreigners are taking over. This is unhealthy for us. We have gathered that they want to review the law. If they want to review the law, then they should make it more entrenched and ensure that foreigners don’t take over our retail markets. We have to protect local businesses in the country,” he suggested.
” When you go these countries particularly Nigeria, they have enforced their laws to the point that they have placed a ban on some 20 products including rice. You cannot expert these products to Nigeria. They have enforced their laws and protecting their retail market. That is what we have to do,he added.
By: Rainbowradioonline.com/Ghana
