Foreign Investors Must Consider Long Term Investment

The Trade and Industry Ministry has called on investors who wish to do retail business in Ghana to consider long term investment ventures such as the construction of shopping malls and business centres.

The ministry in reaction to moves on checking activities of foreigners engaged in retail business indicated that the provision in the GIPC Act was to protect the local retailer and at the same time encourage foreign businesses to engage in large scale value added trading operations.

Trade and Industry Minister, Hon. Hannah Tetteh, said it was clear in the constitution that foreign investors were prohibited from engaging in retail business.

“The operation of taxi services, car hiring services, lotteries as well as beauty salons and barbering shops are all reserved for Ghanaians only,” she stated.

This comes on the back of the inauguration of a national task force to check the activities of foreigners who engage in retail business, which is solely for Ghanaians.