The Ghana Union of Traders Association (GUTA) is pressing the government to take urgent steps to protect local businesses and create fair competition in key sectors dominated by foreign operators.
Addressing the Minority Caucus of Parliament, GUTA President Clement Boateng highlighted the struggles of domestic entrepreneurs, particularly the persistently high lending rates of 22–24 per cent charged by commercial banks, which he said undermine growth despite reductions in the central bank’s policy rate.
“We are not asking for handouts, but we need a level playing field,” Mr. Boateng said, urging the Bank of Ghana to enforce measures compelling commercial banks to align interest rates with current monetary policy.
He also raised concerns over slow implementation of government promises to support local businesses that meet registration and tax obligations, warning that delays in regulating foreign operators are affecting competitiveness and employment.
Minority Leader Alexander Kwamena Afenyo-Markin echoed the need for stronger collaboration between government and the private sector to drive job creation and skills development. He stressed that initiatives such as technical training and apprenticeships are essential to closing the skills gap and empowering young people.
Parliamentary committee members also weighed in, with Michael Okyere Baafi defending the one-district-one-factory program and clarifying that interest subsidies are contingent on approved bank loans, and Kojo Oppong Nkrumah calling for constructive engagement to address systemic challenges exposed during the COVID-19 pandemic.
The discussions highlight mounting pressure on policymakers to create a more enabling environment for local businesses, reduce financial burdens, and ensure domestic enterprises can compete fairly with foreign operators while contributing to economic growth.
