Enforce investment laws to control excess influence of foreign imports – GUTA

The Ghana Union of Traders Association has welcomed government's decision to review the standards required for imports into the country. President Nana Addo Dankwa Akufo-Addo in an address to the nation on October 30 said government will in May 2023 review the standards required as part of efforts to reduce the impact of foreign exchange on imports and focus more on domestic production for exports. Reacting to the development in an interview with GhanaWeb Business, GUTA president Dr. Joseph Obeng said government must critically look at addressing the structural challenges in the country’s import regime. “Apart from pruning down on excess importation, we suggest that government must begin to look at stringent enforcement of Ghana’s investment laws to control the excess influence of foreign imports into Ghana’s direction and that is even an easier option government must take.” “Using these investment laws can go a long way to containing the excessive influence of imported products by foreigners and so we [GUTA] are for government’s call to review the standards required for imports which is aimed at structurally transforming the Ghanaian economy,” he explained. He further cited the Services, Communication, Mining and other sectors within the economy which he believes have been gaining a lot of resources and in turn repatriating funds out of the country due to foreign dominance. “Most certainly we need our investment laws to tackle some of these issues because all the gains made from these sectors of our economy go outside the shores of Ghana and I can’t be so.” The GUTA president also suggested the introduction of a Retention Law which seeks to ensure 30 percent of gains made from foreign companies are retained in the country, while 70 percent is used to purchase forex which is transferred outside. “It should not be difficult for us to amend our laws to ensure these requirements are enforced,” Dr Obeng concluded. MA/FNOQ Watch the latest episode of BizTech below:

The Ghana Union of Traders Association has welcomed government's decision to review the standards required for imports into the country. President Nana Addo Dankwa Akufo-Addo in an address to the nation on October 30 said government will in May 2023 review the standards required as part of efforts to reduce the impact of foreign exchange on imports and focus more on domestic production for exports. Reacting to the development in an interview with GhanaWeb Business, GUTA president Dr. Joseph Obeng said government must critically look at addressing the structural challenges in the country’s import regime. “Apart from pruning down on excess importation, we suggest that government must begin to look at stringent enforcement of Ghana’s investment laws to control the excess influence of foreign imports into Ghana’s direction and that is even an easier option government must take.” “Using these investment laws can go a long way to containing the excessive influence of imported products by foreigners and so we [GUTA] are for government’s call to review the standards required for imports which is aimed at structurally transforming the Ghanaian economy,” he explained. He further cited the Services, Communication, Mining and other sectors within the economy which he believes have been gaining a lot of resources and in turn repatriating funds out of the country due to foreign dominance. “Most certainly we need our investment laws to tackle some of these issues because all the gains made from these sectors of our economy go outside the shores of Ghana and I can’t be so.” The GUTA president also suggested the introduction of a Retention Law which seeks to ensure 30 percent of gains made from foreign companies are retained in the country, while 70 percent is used to purchase forex which is transferred outside. “It should not be difficult for us to amend our laws to ensure these requirements are enforced,” Dr Obeng concluded. MA/FNOQ Watch the latest episode of BizTech below: