“Abossey Okai Market Leaders Crack Down on Foreign Retailers, Cite GIPC Law”

Story by Fada Amakye, from Daily Sun online.

The Chairman of Abossey Okai market, Herry Okyere Junior, has emphasized that foreign retailers operating in the market are doing so illegally, citing Section 27 of the Ghana Investment Promotion Centre (GIPC) Act. According to the law, foreigners are not permitted to engage in retail trading in markets, stores, or shops reserved strictly for Ghanaians.

The GIPC Act stipulates that foreigners can only operate businesses in Ghana if they meet specific investment thresholds, including investing at least $1 million in equity and employing at least 20 skilled Ghanaians. Market leaders have embarked on a three-day exercise to address issues arising from foreign retailers operating in the market and have called on Nigerian executives and other foreign nationals to comply with the law.

The Chairman highlighted the challenges faced by market traders, including lack of working capital, high bank interest rates, and limited government support. Despite these challenges, the market leaders are determined to ensure that the law is enforced and that Ghanaian traders are protected.

The market association plans to review the outcome of the exercise and engage with stakeholders and authorities to brief them on their actions and plans for the next two weeks.

They have given foreign retailers something to work on and expect compliance within two weeks. By enforcing the GIPC law, the market leaders aim to create a more equitable business environment for Ghanaian traders.