GUTA denies plans to shut foreign-owned retail shops at Abossey Okai
By Praisebell Rosemond Larbi
The Ghana Union of Traders Association (GUTA) has dismissed reports suggesting it intends to close down foreign-owned retail shops at Abossey Okai on Monday, 8 September 2025.
The denial follows claims by Takyi Addo, Director of Communications for the Abossey Okai Spare Parts Dealers Association, that the group would enforce provisions of the Ghana Investment Promotion Centre Act, 2013 (Act 865), which reserves retail trade for Ghanaian citizens.
GUTA Vice President, Clement Boateng, described the reports as misleading. “Nowhere has GUTA said they are going to embark on closure of shops on Monday,” he stressed.
He acknowledged, however, that traders had grown uneasy following President John Dramani Mahama’s recent announcement in Japan regarding plans to review Act 865.
The concern, he explained, stemmed from fears that the review might abolish the one million dollar minimum capital requirement for foreign investors in retail trade.
According to Mr Boateng, GUTA subsequently sought clarification from the Chief Executive Officer of the GIPC, Simon Madjie, who assured the association that the proposed reforms would not affect the retail sector.
Instead, the review is expected to focus on technical and capital-intensive sectors such as manufacturing, mining, information technology and artificial intelligence.
“Apparently what the president said has nothing to do with trading,” Mr Boateng explained. “We still uphold the requirement in the trading sector, so we have calmed our nerves.”
He added that the assurance from the GIPC has helped ease tensions among traders, many of whom had feared that a removal of capital requirements could expose Ghana’s retail space to foreign dominance at the expense of local businesses.
