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Local traders issue ultimatum to foreigners involved in retail trade

By Joy Business
By Joy Business

4/11/2012 8:30:19 AM -

Foreigners engaging in retail trade in the country have up to the end of June to quit operations, the Ghana Union of Traders Association (GUTA) has warned.

The Association issued the directive after it signed a Memorandum of Understanding with other stakeholders.

This forms part of measures to safeguard the sector reserved for indigenes as in the country's investment law.

Local traders have complained severally about the continuous invasion of the retail sector by foreigners.

But GUTA's President, George Kweku Ofori told Joy Business the foreigners have up to June to quit their operations or face the consequences.

The current investment laws restrict foreigners from engaging in retail trade in market reserved for Ghanaians unless they have at least 300,000 dollars as initial capital.

Meanwhile, government is however working to up the capital to about a million dollars.