Review investment law to prevent foreigners from repatriating 100% profit - GUTA to BoG

Clement Boateng, Abossey Okai Spare Parts Dealers

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The Ghana Union of Traders Association (GUTA) has appealed to the Bank of Ghana to review the investment law that allow foreigners to repatriate 100% of their profits.

This it believes will help reduce the pressure on the cedi.

Most multinational firms repatriate their earnings annually, a situation which affects the local currency.

Vice President of GUTA, Clement Boateng argued that some of the foreign firms and traders are importing huge products into the country, which they do not even keep half of the proceeds.

“Foreigners are doing about 85% of the imports into this country. At the end of the day, this poses a threat to our foreign reserve as they equally take all the profits out of the country”.

“This also has to do with our investment laws, which need to be revised”, he added

Meanwhile, members of the association in the coming days will protest against some issues impacting ion their businesses, including the falling value of the cedi and the high lending rate.

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