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06.03.2009 Business & Finance

Influx of cheap foreign products crippling SMEs

Influx of cheap foreign products crippling SMEs

Mr Kwasi Addae, a Businessman has appealed to Ministry of Trade and Industry to institute measures to regulate activities of foreign traders to stop the influx of cheap foreign products and safeguard local industries in the country.

Mr Addae said the presence and activities of foreign traders, fronting as investors, were crippling operation of indigenous Small and Medium Scale (SMEs) Enterprises.

“The cheap products, they import are gradually pushing local entrepreneurs out of business, this is unhealthy for the country's economic growth,” he said.

Mr Addae, Managing Director of Odike Ventures in Kumasi, was addressing a press conference in Kumasi on Thursday to highlight the constraints and challenges facing SMEs in the country.

He said although the private sector had been acknowledged as “the engine of growth to the economy” not much attention had been paid to the sector by the government.

Mr Addae suggested to policy makers to critically assess and identify for support economic production areas, where Ghanaian companies had competitive advantage on the international market.

He stressed the need for foreigners to invest in industry to create employment for the youth and discouraged from importing into the country poor quality goods.

Mr Addae said government should deal with the problem to enable the SMEs play their expected role to revamp the national economy.