Leadership of the Ghana Union of Traders Association (GUTA) is urging the Bank of Ghana to review the investment laws, which give foreigners the opportunity to repatriate 100% of their profits.
The association is calling for at least 30 percent retention of the accrued profits by these foreign investors.
This, the Association believes, will optimize the trading market and strengthen the cedi.
Speaking to Citi News, the Vice President of GUTA, Clement Boateng said, “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.”
Meanwhile, the Association is expected to meet over agitation among members who have expressed concerns about the depreciating value of the cedi and its effect on businesses in the country, as well as high lending rates.
Members of the Association have threatened to demonstrate to register their concern over the free fall of the cedi.