Foreigners To Be Banned From Engaging In Retail Business ...

Government will go ahead with its intended ban of foreign retailers from conducting retail business in the country.

Foreign retail traders have up to June 21 to quit retail business specifically reserved for Ghanaians. The current investment laws restrict foreigners from engaging in retail trade on the Ghanaian market unless they have at least 300,000 dollars as initial capital.

Speaking in an interview with XYZ BUSINESS, Trade and Industry Minister, Hannah Tetteh, said the retail market is specifically preserved for Ghanaians.

She urged foreign retailers to relocate their businesses before the deadline or face the consequences. ?The taskforce that we have established is now going to move around to find out whether they have complied with the directives. For those that have not complied with the directive they will be asked to shut their stores and to take steps to move out,? she revealed.

She said the Ministry will further liaise with the Ghana Investment Promotion Centre to withdraw permits of the recalcitrant ones.

Meanwhile, President of the Ghana Union Traders Association (GUTA), George Ofori has welcomed the sector Minster?s position, saying this will boost confidence of local retailers. ?The issue has to do with the GIPC laws so I may say that the minister is actually making sure that people who actually flout our laws with impunity are brought to book and I believe that is welcoming news.?

He said even though there are very good laws in Ghana?s statute books, there are no monitoring mechanisms to ensure that people who flout them are dealt with.

Source:peacefmonline.com

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