The Ghana Union of Traders Association (GUTA) has appealed to the government to urgently step in and protect local traders from what it describes as growing foreign dominance that threatens the survival of indigenous businesses.
Joseph Obeng, President of GUTA, said that nearly 60 percent of Ghana’s local trade has already been lost to foreign nationals, particularly Chinese and Nigerian traders, who are rapidly expanding in the retail market.
“Our market is gone,” Obeng lamented. “Today, you realise that those who do stationery and printing are mostly Chinese. When you go to places like Chinatown and China Mall, you see many people trooping in and out to buy their wares.”
He explained that weak enforcement of Ghana’s investment laws has created room for foreigners to enter spaces legally reserved for locals, leaving indigenous traders at a disadvantage.
The trend, he added, was being compounded by the absence of a retention policy, which allows foreign businesses to repatriate their profits, depriving Ghana of much-needed foreign exchange.
Obeng further disclosed that after touring markets with the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) last week, they confirmed the extent of the problem, noting how Nigerians have taken over the mobile phone and accessories market.
The GUTA President called for a revision of Ghana’s investment laws, stressing that it was not just about strengthening the legislation but also ensuring strict enforcement to protect indigenous enterprises.
“We must make sure that foreign investments benefit the country while safeguarding local businesses,” he said.
He also urged the government to work with the banking sector to create avenues for affordable credit, enabling Ghanaian traders to expand their operations and compete effectively with foreign-owned businesses.
In addition, Obeng highlighted the need for a national competition law to regulate market activities and prevent unfair practices.
According to him, such a framework would help level the playing field and shield local businesses from being edged out of the market.
