The Ghana Union of Traders Association (GUTA) is advocating for a review of the existing investment laws in the country.
According to the Union’s president, Dr. Joseph Obeng, the review is vital to ensure that multinational companies performing well within the country are compelled to retain about 30 percent of gains made, which will go towards economic development.
In an interview with myjoyonline.com, the GUTA president explained, “We have to revisit our investment laws to make sure that the repatriation that some of these multinationals do -that the areas that we have capital prize – the Cross-Border trade of money and all these things should be looked at- how we will be able to retain some of the forex that we have for ourselves as a country.
“What laws are we making that a foreign direct investment that has been successful here does not take all the gains but make sure that at least 30 percent is retained for the redevelopment of the country,” he is quoted by myjoyonline.com.
He further pointed out that the absence of a review of Ghana’s investment laws could pose a ‘preliminary problem’ which could affect the economy and the trading community as a whole.
Dr. Obeng further said addressing the situation would also ensure Ghana is able to rake in the full benefits of an International Monetary Fund programme.
The GUTA president however urged government to subsidize some business ventures and inject some capital into businesses that are currently reeling from the impact of the current economic crisis.
“There is the need to evaluate and see where we have the comparative advantage, where we have the resources to do (business) and this does not necessarily require looking up to bigger manufacturing entities that have the least competitive edge globally,” he concluded.
Source: Ghana Web
