Business News of 2014-06-11

Foreign retailers must leave Ghana – GUTA

The Ghana Union of Traders Association (GUTA) is warning all foreigners involved in retail trade to leave the Ghanaian market by end of this month.

Speaking to Citi News, the President of the Association, Mr. Ofori said the continuous depreciation of the cedi is as a result of the large foreign influx in retail trade in the country.

Mr. Ofori said the infiltration of foreigners into the economy contradicts the Ghana Investment Promotion Centre (GIPC) Act. According to him, attempts to get foreigners out of the retail trade with legislation have proven futile.

The Union in a press statement signed by the Deputy National Organiser, Clement Boateng threatened to flush out all foreigners in the markets; if they do not leave the country within the stipulated date- June, 30, 2014.

It also announced plans to stage massive demonstration against government over the 2 percent special levy on import as well as the 2.5 percent increase in VAT.

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