The Ghana Union of Traders Association (GUTA) is seeking further clarification from the Ghana Investment Promotion Center (GIPC) on their decision to stop reserving the retail sector of the economy for Ghanaians alone.
The Chief Executive Officer (CEO) of the GIPC, Mr. Yofi Grant told Citi Business News the practice has constrained most business owners in the sector who fear competition, hence limiting their operations to buying and selling.
He questioned why the real sectors of the economy will be reserved for foreigners while Ghanaians are encouraged to only engage in “buying and selling” of imported goods.
But in an interview with Citi Business News, an Executive Member of GUTA, Benjamin Yeboah said the union will meet with the GIPC to demand further clarification.
“We will give him the benefit of the doubt in the sense that if he has seen the act and really gone through it, I’m sure he wouldn’t put certain things out and so I will also hope that in the coming days he would have the opportunity to meet us and see what is best for us.” he said.
He added that “GIPC is there to rather help our businesses grow. If you are not helping the Ghanaian businesses to grow then what are you really promoting?”.
“So that is what we think, he should meet us talk to us and then make sure we arrive at a conclusion. We should all move the nation forward in that direction,” he appealed.
Background
The Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), Yofi Grant stated strongly that the center will no longer reserve the retail sector of the economy for Ghanaians alone.
He maintained that the practice has constrained most business owners in the sector who fear competition from growing and expanding their operations into global companies.
Speaking to journalists after a ceremony held by the Dubai Chamber of Commerce and Industry, Mr. Grant stated that it is demeaning to reserve the unprofitable areas of the economy to Ghanaians while investors are welcomed to control the real sectors that generate incomes and create jobs.
