The Ghana Union of Traders’ Association (GUTA) is urging authorities to take decisive action against foreigners operating in the retail market.
GUTA contends that this sector, traditionally reserved for Ghanaians, has increasingly become dominated by foreign traders, particularly from China, who are flooding the market with cheap products.
At the Customs, Controls, and Regulations Forum organized by the Ghana Investment Promotion Centre (GIPC), GUTA President Joseph Obeng highlighted the issue of foreign traders importing subsidized goods from overseas. According to Obeng, this practice is driving Ghanaian traders and manufacturers out of business.
“We have China Mall and China Town, which have taken over 40% of the market, derailing the efforts of local manufacturers,” Obeng stated. “All they do is dump their subsidized goods here, and we lack the courage to clamp down on them.”
Obeng noted that the market share of Ghanaian traders is diminishing, with local traders now representing only 20% of the market. “The bulk of the goods is brought in by foreign traders,” he added.
Additionally, Obeng pointed out that the actions of foreign traders, who often repatriate their earnings in foreign currencies, contribute to the cedi’s depreciation.
“They don’t bring the corresponding forex for trading; they only go to the black market, change the forex, and damage our economy,” he said.
Despite regulations intended to reserve certain retail businesses for Ghanaians, enforcement has been lax, allowing foreign traders to encroach on these spaces.
The Customs, Controls, and Regulations forum aimed to address such issues affecting businesses and the investor community, prioritizing investor concerns and informing policy reforms.
