The Ghana Union Traders Association (GUTA) has cautioned the government of Ghana against reviewing the Ghana Investment Promotion Centre (GIPC) Act in favour of Nigerians who are in the retail business meant for Ghanaians.
The opposition by GUTA comes after the Speaker of Parliament, Alban Bagbin, announced through a joint communiqué between Ghana and Nigeria that Nigerians would be excluded from the $1 million minimum capital requirement under the GIPC Act 2013, Act 865.
This announcement was made on the sides of the Extraordinary Economic Community of West African States (ECOWAS) Summit to Nigeria’s House of Representatives, held on July 7, 2021
However, in an interview with Ohene Addo on Plan B FM ‘Nkosuo Nsem’, The National Welfare officer of GUTA, Benjamin Yebaoh has kick against the decision and insists the GIPC ACT should not be touched to favour Nigerian traders.
“There is a rule of origin in the ACT which prevent foreigners from engaging in retail business in the country. The rule has to be followed; we will resist any attempt to amend the ACT, which we think will be detrimental to retail business in Ghana”
“The law was made to protect us not foreigners. We want to send a clear warning to the authorities; we shouldn’t wake up one day for us to hear that that law has been amended in favour of the Nigerians. We are not going to take it kindly”, he warned.
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