Foreigners taking advantage of exorbitant prices charged by local businesses — Prof. Ayamga-Adongo
The Deputy Chief Executive Officer of the Environmental Protection Agency (EPA), Professor Michael Ayamga-Adongo, has attributed the growing dominance of foreigners in Ghana’s retail sector to the relatively cheaper prices they offer compared to local traders.
His remarks follow persistent complaints by the Abossey Okai Spare Parts Dealers, who have accused foreign nationals of flouting Ghana’s laws to take over the retail space.
Speaking on Channel One TV’s Breakfast Daily on Tuesday, September 9, Prof. Ayamga-Adongo argued that many Ghanaian traders are losing customers because they fail to adjust prices in line with the recent appreciation of the Cedi.
The Deputy EPA CEO added that this consumer shift is fuelling the perception that foreigners are undercutting local traders, when in fact, it is the latter’s pricing practices that push customers away.
He cautioned Ghanaian businesses against what he described as “economic sabotage” and urged them to be more responsive to market conditions if they want to remain competitive.
“Some foreign nationals were quick to reduce their prices in response to the cedi’s appreciation, but many local businesses refused to do so.
“Consumers are not morons; they weigh their options and buy from those who offer value for money. That automatically created the loophole for foreigners to exploit,” he said.