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11 June 2014

Ghana Union Forces Foreigners Out of Markets.

THE Ghana Union of Traders Association (GUTA) has warned all foreigners engaged in retail trade to stop operating in the country by the end of this month.
President of GUTA, George Ofori, alleged the continuous depreciation of the cedi was a result of the influx of foreign traders in the markets.
His union threatened to “flush out” all foreigners in the markets if they did not leave the country within June 30.

Ofori said the influx of foreigner traders into the economy contradicted the Ghana Investment Promotion Centre (GIPC) Act 478, which he said barred foreign from engaging in the retail sector.
“Foreign nationals from Nigeria, Mali, Niger, Burkina Faso, China, India, Vietnam, among others have invaded the sector reserved solely for Ghanaians,” he said.

According to him, attempts to get foreigners out of the retail trade with legislation have proven futile.
The implementation of the GIPC Act 478, which is aimed at ensuring Ghanaians are not pushed out of business by foreign nationals, has irked some Nigerians and other Economic Community of West African States nationals in the sub-region.

Recently, Nigeria, West Africa's largest economy, threatened to server diplomatic ties with Ghana.
However, Ghana argued it was unaware of moves to sever diplomatic ties as officials maintained Ghana had not violated the rights of foreign businesses by implementing the GIPC Act.


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