The President of the Ghana Union of Traders' Association (GUTA), Dr. Joseph Obeng, has recommended a review of investment laws to benefit the country.

According to him, government must ensure that multinational companies that are successful in business are compelled to retain about 30% gains for the redevelopment of the country.

"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'll 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% is retained for the redevelopment of the country," he said.

According to him, the absence of a review of investment laws would incur "a preliminary problem that would not help", adding that the country's economic problem is "very structural".

The GUTA president said the investment problems need addressing to pave way for the success of the yet to begin IMF programme.

He said not addressing the problem would mean "we're not serious about the way to go."

He urged the government to inject funds and subsidize some business avenues.

According to Dr. Obeng, there is the need to "evaluate and see where we have the comparative advantage, where we have the resources to do (business)," advising that it does not necessarily require looking up to bigger manufacturing entities that have the least competitive edge globally.

Recent inflation surges and rapid cedi depreciation which led to the astronomical increase in prices of goods and services in 2022 compelled GUTA to embark on strike.

The union president, Dr. Obeng stressed the importance of the strike action by indicating the failure of government to address the concerns of traders after a prolonged duration of engagement.

Government is looking forward to alleviating the plight of the business community with an IMF programme coupled with other internal measures.