- GUTA calls for crackdown on foreign traders dominating Ghana's retail market
- Chinese traders flood market with cheap goods, hurting locals
- Foreign traders blamed for cedi's decline and economic woes
The Ghana Union of Traders’ Association (GUTA) is urging authorities to take bold action against foreigners, particularly Chinese traders, who are increasingly dominating the retail market. According to GUTA President Joseph Obeng, subsidized goods from overseas are flooding the market, pushing local traders and manufacturers out of business.
“We have China Mall and China Town, which have taken over 40% of the market, and are derailing the efforts of local manufacturers,” Obeng lamented. “All they do is have their subsidized goods dumped here, and we don’t have the courage to clamp down on them.”
Obeng revealed that the market share of Ghanaian traders is dwindling, with locals holding only 20% of the market. He attributed the cedi’s depreciation to foreign traders expatriating their earnings in foreign currencies, bypassing the formal forex market.
Regulators have failed to address the issue of dumping in Ghana’s retail space, despite laws requiring certain retail businesses to be handled by Ghanaians. GUTA’s call for action comes as the Ghana Investment Promotion Centre (GIPC) hosts the Customs, Controls and Regulations Forum to address investor concerns and inform policy reforms.
