Who Owns Ghana’s Economy? – GUTA Reveals a Dangerous Trend of Country’s Economic Ownership

The Ghana Union of Traders’ Associations (GUTA) is raising a critical concern over the ownership structure of Ghana’s economy.

GUTA has observed that the economy no longer belongs to Ghanaians, as foreigners have taken ownership of all critical sectors of the economy.

 From banking to telecommunications, insurance to oil and gas, even mining, sectors that once held promise for local ownership are now firmly in foreign hands.

“For now, we are being overtaken by foreigners. We don’t own this economy at all. As we are speaking, banking is gone. Communication is gone. Trading is gone. Insurance is gone. Oil and gas is gone. Even mining is gone to the foreigners. What is left?” President of GUTA, Joseph Obeng, lamented.

This concern follows the government’s plan to amend the GIPC Act by scrapping the minimum capital requirement for foreign investors. The government argues that the amendment will attract more foreign capital.

But GUTA warns the policy could further erode the little remaining domestic ownership and collapse struggling local industries already buckling under the weight of foreign competition.

Drawing parallels to global trade battles, the association insists that protecting local businesses is not only justified but necessary, as many countries are tilting towards protectionist policies to safeguard their indigenous industries.

“There is everything necessary for us to protect the domestic industries. It is very important. It is allowed. Even in the continental free trade area, it is allowed that we give about 10% protection to member countries. The trade war that is going on in America, the tariffs and all that, are all geared towards protectionism,” Joseph Obeng indicated.

He recalled how Ghana’s once-vibrant printing press industry crumbled after being overrun by cheaper competition from China. GUTA fears for what awaits other sectors if the floodgates are opened further without safeguards.

“When I was growing up, the printing press industry was booming. Anybody can set up if they have the capacity, they have the know-how, and all that. And now, where is it? It has collapsed because the Chinese have taken it all. We are competing against bigger companies. We are competing with companies that are coming with cheap capital. There is no competition law here. So we leave it open-ended, and the locals suffer the fate of it,” he added.

For GUTA, if every major industry is dominated by foreigners, what future is left for indigenous Ghanaian enterprise?

These concerns of GUTA resonate with economists like Dr. John Kwakye, who has earlier made a case for why some critical sectors of the economy should not be left in the hands of foreigners, and hence, there is a need for some protectionist policies for certain industries.

GUTA also says the fear is not just about losing businesses but losing ownership of the nation’s economic destiny.

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