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Ghanaian traders need to be competitive, give them access to capital - Kwame Awuah-Darko

Kwame Awuah Darko23 Kwame Awuah Darko, former boss of the Tema Oil Refinery

Fri, 2 Oct 2020 Source: www.ghanaweb.com

The National Democratic Congress (NDC)’s spokesperson on Trade, Kwame Awuah-Darko has said the lack of access to funds by Ghanaians traders is the reason for continuous dispute with Nigerian counterparts.

Some Ghanaian traders have blamed the non performance of their businesses on the invasion of foreigners especially Nigerians, in the retail sub-sector.

This has made members of the Ghana Union of Traders Association, GUTA, call for a strict enforcement of Ghana’s laws banning foreigners from engaging in retail trade.

Speaking to Citi News, Kwame Awuah-Darko said Ghanaian traders having access to adequate funds will make them competitive.

“Look at the current fight between the Ghanaian traders and the Nigerian traders, it’s all coming from the fact that Ghanaian traders have lost access to capital because we wiped off indigenous banks that were providing capital for Ghanaian businesses and the banks that are left are foreign (Nigerian and South African) who lend to their countrymen using Ghanaian deposits. Not that there's anything wrong; but as a government you must have a strategy when you are talking about creating an enabling environment, where your people have access to capital,” he added.

Ghana and Nigeria begin high level talks to settle trade dispute

The two West African nations have been at loggerheads over trade for decades, without serious consequences.

The Speakers of the Ghana Parliament and the Nigeria House of Representatives, have had talks to find solutions to the challenges brought about as a result of Ghana’s implementation of the Ghana Investment Promotion Centre (GIPC) Act 2013, Act 865.

Discussions between Prof. Aaron Michael Oquaye and Olufemi Gbajabiamila so far have been on how the implementation of Act 865 can be implemented in an amicable manner.

They want it done in a manner that will not render Nigerian traders in Ghana jobless since most of them have had their shops closed and some fines levied at them in accordance with the provisions of Act 865.

Source: www.ghanaweb.com