The Ghana Traders Union Association (GUTA) is calling on the government to prioritize local businesses, citing concerns over foreign dominance in key sectors.

“We want support, not protectionism,” Clement Boateng, president of GUTA said.

He urged the government to fulfill promises made to local entrepreneurs.

Boateng made the call on Thursday during an engagement with the Minority Caucus of Parliament on economic policies, private sector growth, and interactions with GUTA executives.

He also expressed disappointment over persistently high lending rates charged by commercial banks, despite a decline in the policy rate. “Lending rates ranging between 22 per cent and 24 per cent remain excessive, failing to align with the central bank’s current monetary policy direction.

“We are not asking for handouts, but we need a level playing field,” the GUTA president said.

He urged the government to act now to protect local businesses and jobs.

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Boateng called on the Bank of Ghana (BoG) to take stronger measures to compel commercial banks to reduce their interest rates.

According to him, the government had promised support for local businesses if registered foreign businesses were allowed to operate, with conditions.

“A committee was set up to vet applicants who registered by 2020 and paid taxes. However, progress has been slow, and local businesses face challenges, including high lending rates and unfair competition from foreigners,” he told the Caucus.

Alexander Kwamena Afenyo-Markin, the Minority Leader, emphasised the importance of collaboration between the private sector and government to drive job creation and economic growth.

He said the Caucus was taking steps to engage industry players, focusing on creating an enabling environment for businesses to thrive and addressing issues like skills development and apprenticeships to tackle unemployment.

He highlighted the need to incentivize technical training and apprenticeships to address the skills gap and create opportunities for young people.

Afenyo-Markin said: “We don’t want to be in parliament dealing with hypothetical issues. We want to deal with issues we have heard from the people on the ground, so when there is a debate, we debate with facts and enrich our country.

“We are young generational leaders with expertise, and we want to shift the paradigm, particularly when social media has created a fluid environment where the youth are aware of issues, and we must change the trend of politics to be problem-solvers. We are not just making promises; rather, we are engaging in creating jobs and helping the government. We want to continue this engagement and invite our friends to join us.

Micheal Okyere Baafi, the Ranking on Trade and Industry Committee of Parliament, while defending the one District one Factory program, stated that there was no fictitious debt, adding that interest subsidies were contingent on loans being granted.

He clarified that the arrangement involved banks granting loans to companies, and interest subsidies were tied to loan advancements.

He advocated transparency on the incentive regime in the GIPC bill.

Kojo Oppong Nkrumah, the Ranking on the Economy and Development Committee, emphasized constructive engagement with the government, acknowledging past mistakes, and highlighted the challenges faced during COVID-19.

He assured a committed collaboration with the government towards the country’s growth to address issues.