'Nigerians, Chinese destroying Ghanaian economy' - GUTA

• High importation of goods into Ghana by foreigners is one of the reasons the economy is not growing, GUTA has said

• GUTA President cited Chinese and Nigerians as the foreigners who have taken over the retail space

• He called for the strict compliance of the GIPC and ECOWAS trade law

President of the Ghana Union of Traders’ Association, Dr. Joseph

Read full article.Obeng, has accused Nigerian traders and other foreigners of destroying the local economy.

He explained that the influx of impermissible goods by these foreigners is having a negative toll on the Ghanaian economy.

He said GUTA will not allow any foreigner to trade in goods that are not manufactured in their country of origin.

The GUTA president also recalled that Nigeria closed its borders to neighbouring countries for the past 2 years to prevent dumping so Ghana is replicating the same to save their trading space.

Dr. Obeng reiterated the need for foreign traders to comply with the Ghana Investment Promotion Centre Act 865 and the country of origin rule for there to be sanity in the trading space.

"It is very worrying, disturbing and frustrating that our gold is no more in our hands and Chinese are fed upon the juiciest part of our resources…the service, banking sector… is all dominated by the foreign entities. The telecommunication which commands huge sums of monies, …we don’t have a stake in that…We’ve given it all out on a silver platter," he bemoaned.

He made these assertions at a press briefing on Wednesday, July 21, 2021, in Accra.