Business & Finance

Ghana has weak investment laws – GUTA


Dr. Joseph Obeng Guta President

Dr. Joseph Obeng Guta President

Dr. Joseph Obeng, President, Ghana Union of Traders Association (GUTA), says Ghana is fast losing huge sums of money and its natural resources due to open borders and lax investment laws.

He said the absence of effective border control laws made immigrants enter the country to mine illegally in order to eliminate the cover of forests and water sources.

Weak investment laws, he added, encouraged foreigners to send their money back to their countries of origin for illegal trade, milking the country huge sums of money, which could have been used to develop the country.

His comments come after the official arrest of Aisha Huang in police custody, due to her return to the country and alleged involvement in illegal mining (galamsey) despite her deportation in 2018.

He told the Ghana News Agency that: “Aisha Huang’s actions in the country are humiliating and disappointing to the people of Ghana, and if it is not taken care of, the people will not respect the laws of the country.”

He added: “Immigrants have taken advantage of our bad borders and exploited our investment laws, and these are all things that are against our natural resources.”

Currently, Ghana is facing economic challenges including inflation, fuel and fare increases and the depreciation of the local currency (Ghana Cedi) compared to its major trading partner, the US dollar.

Dr. Obeng said this may be due to lax investment laws, which has made foreigners raid the markets to sell and export goods, some even reaching the level of illegal trading.
“Now, we have people from other countries taking money out of the country and not doing what is right, including the operation of the black market [illegal currency exchange], and these actions affect our foreign currency,” Dr. Obeng continued.

Therefore, the leader of the trade union, urged the Government to ensure that “officials take serious measures to punish this woman and any other person who supports her, otherwise, it will humiliate the citizens.

“The time has come for the Government to ensure that if the country accepts people from other countries, it is done in an honorable and legal manner. If not, we will continue to lose our natural resources such as gold, which goes outside the country’s coast without the country having its value,” said Dr. Obeng.

Already, Professor Emmanuel Kwesi Aning, a Security Expert, has called on the security agencies and the courts of law to use the necessary intelligence and legal powers to ensure that all the people who carry out Aisha Huang’s illegal activities in the country are punished.

The Director, Academic Affairs and Research Unit, Kofi Annan International Peacekeeping Training Center (KAIPTC) said: “Let’s identify Ghanaians who have done his criminal business, raise this ability to infiltrate the government and its agencies in the act of treason.”

He also pointed out that if Aisha and those suspected of collaborating with her were not punished by the law: “The signal we are sending is that any other person can enter, use any other means necessary and reach our leaders.”

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