GUTA President blames politicians for foreign domination of Ghana's economy

The President of the Ghana Union of Traders Association (GUTA), Clement Boateng, has launched a sharp critique against both the minority and majority in Parliament, accusing them of enabling foreign businesses to dominate key sectors of Ghana’s economy while local traders struggle to survive.

Speaking during a recent engagement with the Minority in Parliament, Boateng faulted politicians for allowing foreigners, particularly Chinese investors, to enter critical industries, including retail, construction, mining, finance, communications, and even small-scale trading.

He warned that this trend is not only sidelining Ghanaian entrepreneurs but, in some cases, such as mining, has resulted in environmental damage, including the pollution of rivers and water bodies.

“I will blame both the minority and the majority because it is you, the politicians, who allow these foreigners to flood our market, displace the locals, and ultimately take over the market completely,” he said.

Boateng also criticised the government for failing to enforce existing laws, such as the Ghana Investment Promotion Centre (GIPC) Act, which could protect certain sectors exclusively for Ghanaian citizens.

“Despite these laws, key economic areas continue to be occupied by foreigners, and nothing is being done to protect local businesses,” he added.

He further warned that many politicians themselves are also business people and, after leaving Parliament, often return to the private sector only to find that opportunities have already been overtaken by foreign investors.

“When you return to business, you will find that opportunities have already been taken over by foreigners because of the failure of politicians to act,” he said.

NA/MA

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