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A few weeks after the bloody clashes at the partial election of Ayawaso Wougon, the president of the Ghanaian Traders Association (GUTA) warned that any increase in political violence could condemn importers and traders. merchants of the country, hence the need to take care of it once and for all.
For Joseph Obeng, "a stormy political climate before, during or after the 2020 elections will condemn the loss of importers and traders whose activities are based on peace, a stable economy and democracy."
GUTA called for the calm of political parties and the dismantling of political self-defense groups.
He added, "If these self-defense groups went wild, they would eventually burn property, including stores in regional capitals. This means the closure of activities and, with a good deal of SMEs, we are considering a slowing economic activity. "
GUTA on cedi performance
Importers attributed the significant narrowing of their capital to the weakened performance of the Ghana cedi in relation to major trade currencies, notably the US dollar.
The Ghana cedi depreciated 9% against the US dollar to settle at 5.30 GH ¢ in February 2018, the fastest rate of depreciation recorded in the month.
It is therefore no longer exciting to do business for importers because today there was no money needed to buy the same amount of goods a year ago, putting their capital under pressure and reducing their costs. profit margins because they can not effect consumers.
Dr. Obeng said the downward spiral could be linked to a series of speculations against the cedi, which continue to be the scene of capital outflows among investors.
GUTA on the repeal of "ineffective" retail law
The Ghanaian Traders Association (GUTA) is also calling for the repeal of retail laws in the country, saying they have been ineffective in recent years.
The Ghana Investment Promotion Centers Act (GIPC) No. 865 86 prohibits foreigners from engaging in retail trade. But cases of infiltration in the retail trade by foreigners have questioned the effectiveness of this law.
Ghana's retail law lays out clear guidelines on engaging foreigners in the retail trade. GUTA implored the government to enforce Article 27 of Law 865 on Ghana Investment Promotion Center (GIPC), which prohibits foreigners from engaging in retail business. Dr. Joseph Obeng says that is either the laws are respected, or deleted.
To this end, GUTA has requested the application of the Ghana Investment Promotion Board (GIPC) Law on the Protection of Local Businesses as the Center strives to review certain aspects of its laws. According to Dr. Obeng, development has received little attention over the years and has had a negative impact on local businesses.
According to Article 27 of GIPC Law 865, "A person who is not a citizen or a business that is not wholly owned by a citizen shall not invest or participate in the sale of goods or the provision of services on a market, small business or sale. hawking or selling goods in a booth no matter where, "
Other areas highlighted include: the operation of taxis or car rental services in a company with less than 25 vehicles, operating a beauty salon or a business. hairdresser, as well as printing cards to recharge for the use of subscribers telecommunication services.
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