Worship with us @ Mountain of Fire Miracles Ministries, Budapest, Hungary Address: 1081 Bp II János Pál Pápa tér 2 (formerly Köztársaság tér) Direction: From Blaha, take tram 28, 28A, 37, 37A, 62...1 stop. From the traffic light cross to the other side... Or take Metro 4 & get off @ János Pál Pápa tér
Time of worship: Wednesdays @ 18:30 hr Sundays @ 10:30 hr
Tel: +36 203819155 or +36 202016005

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Sunday, 27 May 2012


Ghana: Foreign retailers cited for currency depreciation

The Ghana Union of Traders Association (GUTA) is attributing the sharp depreciation of the Ghana cedi against major currencies to the illegal activities of foreigners in the retail sector. GUTA President, George Ofori, has cited this as one of the justifications in the renewed drive to flush out foreigners operating in the retail business, emphasizing their threat to the Ghanaian economy.

According to him, the high demand for the dollar to meet the huge imports non-Ghanaians involved in the retail trade results in scarcity, pushing the exchange rate higher.

“These foreigners come in as manufacturers’ representatives who are here to take commission on behalf of their manufacturing firms in those areas… and so that foreigner could be able to bring in about 400 containers in a year whilst a Ghanaian could afford a maximum of only 20 containers in a year; and after selling their goods, all of them are going to the same exchange market to change the money from cedi to dollars”, he stated.

A National Taskforce monitoring activities in the retail business has issued a June 20 ultimatum to foreigners in retail businesses to relocate or face the law.

This directive is in enforcement of the Ghana Investment Promotion Centre (GIPC) Law, Act 478, clause 18, which stipulates that “the sale of anything whatsoever in the market, petty trading, hawking or selling from a kiosk at any place is a wholly reserved activity for Ghanaians”.

Mr. Ofori says allowing the foreign traders to thrive is inimical to the Ghanaian retailer because “in effect, Ghana is the loser and if our economy is destroyed by these foreigners they will go back and leave the economy for us to repair the damage ourselves”.

He is peeved at the social-economic impact of foreign investors and traders flouting the country’s laws on retail trade.

“The social impact is that the indigenes who are occupying the shops are being kicked out for the foreigners to take over their shops because they’ve not got that much money to pay and occupy the shops”, stated the GUTA President.

Mr. Ofori is however confident the taskforce will succeed in the second attempt to protect local businesses.

Kofi Adu Domfeh AfricaNews reporter in Kumasi, Ghana

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Interesting interview...
I think from what have been said, the Nigerian embassy here seem to be more concern about its nationals than we are for ourselves. Our complete disregard for the laws of Hungary isn't going to help Nigeria's image or going to promote what the Embassy is trying to showcase. So if the journalists could zoom-in more focus on Nigerians living, working and studying here in Hungary than scrutinizing the embassy and its every move, i think it would be of tremendous help to the embassy serving its nationals better and create more awareness about where we live . Taking the issues of illicit drugs and forged documents as typical examples.. there are so many cases of Nigerians been involved. But i am yet to read of it in So i think if only you and your journalists could write more about it and follow up on the stories i think it will make our nationals more aware of what to expect. I wouldn't say i am not impressed with your work but you need to be more of a two way street rather than a one way street . Keep up the good work... Sylvia

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