The Ghanaian Union of Traders Association (GUTA), led by its president, Dr Joseph Obeng, has rejected plans by government to allow Nigerians participate in the country’s retail space with a review of the Ghana Investment Promotion Centre (GIPC) Act, which bars foreigners from participating in the country’s retail sector.
The renewed opposition by the Association follows an announcement made by the Speaker of Parliament, Alban Bagbin, to Nigeria’s House of Representatives last week.
“Particular mention is the reconsideration of the $1 million minimum requirement for trading enterprises under section 28(2) of the Act. This is to facilitate regularization of the businesses of affected Nigerian retail traders in the trade impasse.”
“Equally commendable is the special concession to be applied to a requirement for a payment of 0.5 stamp duty. Our Parliament is working to make sure this does not apply to our brothers and sisters from Nigeria,” stated the Speaker.
But reacting to the assertions made by the Speaker, Dr Joseph Obeng, noted that the announcement by the Speaker is a slap on the faces of Ghanaian traders, further asserting that any attempt to review the GIPC Act 2013 will spell economic and security doom for the country.
“The joint communique has not even surfaced. We all factored in our inputs. It is something unknown to stakeholders. What was the Speaker talking about? Was it to please the people of Nigeria as against the people of Ghana?”
“The trading community in Ghana wants this law, and it should be made clear. Traders in Ghana might seem to be gentle, but we must be careful because they are very passionate about this law. This law pulled the brakes on Nigerian retailers overtaking our markets. These exemptions will do us more harm than any good,” he stated.
A 12-member delegation from Nigeria last year met with Ghanaian officials to resolve the Ghana-Nigeria retail trade war once and for all after Ghanaian traders led by GUTA, closed down shops belonging to Nigerians.
Deliberations between governments of both countries led particularly by the respective House of Parliaments have led to the decision announced by Speaker of Ghana’s Parliament, Alban Bagbin to the Nigerian Parliament.
