\n
Benjamin Yeboah, the Welfare Officer of the Ghana Union of Traders\u2019 Association (GUTA), has emphasized the need for authorities to follow the law and crack down on foreigners operating in the retail sector.<\/p>\n
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.<\/p>\n
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 the trade laws.<\/p>\n
The situation, he bemoaned, is pushing Ghanaian local businesses out of the market.<\/p>\n
The law, he noted, requires that foreigners who want to operate in the Ghanaian market should invest $1 million and employ a minimum of 20 workers, but the situation is different in the market with foreigners operating retail activities.<\/p>\n
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%.<\/p>\n
This, he said, is not healthy because Ghanaian businesses cannot compete with these foreigners.<\/p>\n
He added that the activities of foreign traders, who often expatriate their earnings in foreign currencies, are one of the reasons for the cedi\u2019s free fall.<\/p>\n
He said, \u201cWe 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\u2019t take over our retail markets. We have to protect local businesses in the country.\u201d<\/p>\n
\u201cWhen you go to 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 export these products to Nigeria. They have enforced their laws and are protecting their retail market. That is what we have to do,\u201d he added.<\/p>\n
Source:\u00a0<\/strong>rainbowradioonline.com<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Benjamin Yeboah, the Welfare Officer of the Ghana Union of Traders\u2019 Association (GUTA), has emphasized 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 […]<\/p>\n","protected":false},"author":1,"featured_media":192747,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-192746","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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