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Business News of Wednesday, 21 July 2021


It's an insult to call Ghanaian traders opportunists - GUTA tells Alban Bagbin

GUTA president, Dr Joseph Obeng play videoGUTA president, Dr Joseph Obeng

• Speaker Alban Bagbin visited the Nigerian Parliament early this month

• During his visit, he announced a review of the GIPC Act 2013, Act 865 to permit Nigerian retailers to ply their trade in Ghana

• GUTA, in reacting to this said it was wrong Alban Bagbin to take that decision without consulting the trading community in Ghana

The Ghana Union of Traders’ Association (GUTA) has said Speaker of Parliament, Alban Bagbin, insulted the Ghanaian trading community by describing them as opportunists.

According to the President of the Association, Dr Joseph Obeng, his outfit does not deserve to be addressed as such by Parliament in another country.

He opined that Parliament does not represent itself, hence, the need for the trading community to be consulted before taking any action in that regard.

He noted that GUTA will not allow anyone to amend the Ghana Investment Promotion Centre (GIPC) law to favour other nationals at the detriment of Ghanaians.

Dr Obeng said GUTA is prepared to face any consequences that come with their reaction for foreigners to invade the trading space.

Addressing journalists on Wednesday, July 21, 2021, the GUTA President said, “One thing that needs to be made clear is, parliament does not represent itself; it represents the people of Ghana and in this particular case, the Ghanaian trading community...We want our parliament to know that GIPC law as it stands now has helped pulled breaks on the massive infiltration by foreigners into the space reserved for Ghanaians...Hon Bagbin made this law in their time and it is an indictment on him or for that matter, any other person to call traders opportunists when we are referring to the laws that they have prepared. We deem it as an insult for us to be called opportunists in the foreign land".

"It's very unfortunate. We don't deserve to be insulted by our own parliament...It is because of us that parliament is set and nobody can impose anything on the people of Ghana and we are prepared to face any consequences," he added.

Speaker of Parliament, Alban Bagbin, in early July announced a review of the GIPC Act 2013, Act 865 to exempt the capital requirement for Nigerian retailers to trade in Ghana.

According to a joint communique issued between Ghana and Nigeria, following the Extraordinary ECOWAS Summit, Nigerian retailers will now be exempted from paying a US$1 million capital requirement under the Act to facilitate trade.

He made this known before Nigeria’s House of Representatives, stating that, this new development will end the longstanding retail impasse between Ghana and Nigeria.