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Business News of Friday, 14 August 2020

Source: 3 News

Law against foreign retailers problematic - GIPC CEO

The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC) has said that implementing the GIPC Act 2013 (Act 865) has been problematic as a result of the trade relationship that has existed among West African nationals over the years.

For Yoofi Grant, the issue becomes a worry to indigenes when foreigners tend to out-compete them as a result of “competitive financing” or easy penetration into the market and not necessarily that they cannot do business alongside these foreigners.

Speaking to TV3‘s Nana Akua Mensah-Aborampah in an interview on Wednesday, Mr Grant said Ghanaian businesses have to be incentivised in order to compete far ahead of their foreign counterparts.

This he proffers will resolve the impasse between members of the Ghana Union of Traders’ Association (GUTA) and their Nigerian counterparts.

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