The opposition Individuals’s Nationwide Get together (PNP) has welcomed President John Dramani Mahama’s resolution to evaluate the Ghana Funding Promotion Centre (GIPC) Act, 2013 (Act 865).
In a press assertion issued on Wednesday, AUGUST 27, Chairperson of PNP, Janet Asana Nabla, described the transfer as a progressive step in direction of making a extra aggressive enterprise setting and attracting sustainable overseas funding.
The prevailing legislation units a minimal capital requirement of US$200,000 for joint ventures with Ghanaians, US$500,000 for wholly foreign-owned enterprises, and US$1 million for buying and selling corporations.
Whereas meant to guard native companies, the PNP argues that these thresholds have as an alternative entrenched monopolies and restricted competitors in Ghana’s buying and selling house.
In line with the social gathering, the excessive capital entry necessities have allowed just a few enterprise cartels to dominate the market, usually resulting in inflated costs and restricted innovation.
It cited examples such because the disparity in retail costs of imported items—the place primary home goods are bought at considerably greater prices by native merchants in comparison with foreign-owned retailers—as proof of exploitative practices.
“How can we clarify a plastic chair promoting for GHC 64 at China Mall being bought by Ghanaian merchants at GHC 125? Are these merchandise manufactured domestically? No. Are they imported underneath a unique tax regime than overseas opponents? No. The reality is, these markups usually are not solely unjustifiable—they’re exploitative.”
The PNP believes the easing of restrictions alerts a shift in direction of a extra open and consumer-friendly market, the place competitors will assist decrease costs, enhance high quality, and encourage effectivity. The social gathering careworn that permitting accountable overseas traders higher entry to the market shouldn’t be a menace to Ghanaian companies however a chance for them to innovate and stay aggressive.
“This isn’t an anti-Ghanaian enterprise transfer—it’s a pro-consumer coverage. It’s a pro-poor resolution. It’s an financial liberation name to ship Ghanaians from the chokehold of price-fixing, greed, and synthetic shortage. It’s a name for equity. Allow us to be clear—the entry of accountable overseas traders is not going to destroy
Ghanaian companies; it can problem them to rise, to innovate, and to compete. It can drive costs down, enhance high quality, and break the chains of monopoly which have held our financial system hostage.”
The social gathering pledged its full assist for the initiative, describing it as an financial liberation technique that might drive inclusive development. It additional assured the Mahama administration of its dedication to advocate for insurance policies that prioritise affordability, accessibility, and long-term sustainability in Ghana’s financial system.
“The PNP stands in full assist of this initiative. It is a clarion name, and we guarantee the Mahama-led NDC administration of our readiness to lend our voice, assist, and advocacy to make sure this coverage succeeds. Our dedication is to the Ghanaian individuals, to not entrenched enterprise pursuits that thrive at their expense.”
“Allow us to transfer ahead boldly. Allow us to rewrite the narrative of Ghana’s markets. Allow us to lastly give the peculiar Ghanaian an opportunity to breathe, to afford, and to reside,” she added.
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DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially characterize the views or coverage of Multimedia Group Restricted.
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