• Short Summary

    The law which prevents foreigners from owning small businesses in Ghana has now been in force in just over two weeks, and the change-over to Ghanaian ownership is said by the authorities to be working smoothly.

  • Description

    The law which prevents foreigners from owning small businesses in Ghana has now been in force in just over two weeks, and the change-over to Ghanaian ownership is said by the authorities to be working smoothly.

    The law prevents foreigners from owning businesses with a turnover of less than 500,00 new cedis (about GBP200,000 sterling) a year, or any business not already established in the 1967-8 tax year. It applies to both wholesale and retail trading concerns. The Finance Minister said last month that the Act would affect about 600 foreign-owned businesses. Many of them have already been bought by Ghanaians. Others have just shut down.

    Big foreign-owned concerns which can continue to trade include BP Ghana, the petrol company. It was established fifteen years ago, has 86 filling stations and employs 220 people-all but six of them Ghanaians.

    Others include Farisco, a day-and-night supermarket, established 13 years ago; R.T. Briscoe, which deals in imported cars and timber among other things and employs over 1,600 people; the B.B.C. Trading Company, which was established in 1939, and sells paint, hardware and building materials; and Auto Parts Ltd., established in 1941, which has an assembly plant and engineering and servicing workshops. Glamour (Ghana Ltd., another foreign-owned concern which is qualified to remain open is a department store and also a clothing factory, which employs over one thousand Ghanaians.

    Among the smaller concerns, which have not yet found a Ghanaian buyer and or have had to close down are West Africa Pharmacies Ltd., and Risha Brothers, who were dealers in building materials, hardware and glass. Many of these smaller concerns are either Indian-or Lebanese-owned.

    Ministers have appealed to Ghanaian businessmen not to let the Government down by inflating prices in the hope of getting rich overnight. So far, no serious shortage of essential goods as a result of the change-over have been reported.

  • Tags

  • Data

    Film ID:
    VLVA80DNCDZV6TRJBD9ZZGE18CW79
    Media URN:
    VLVA80DNCDZV6TRJBD9ZZGE18CW79
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    18/08/1970
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:23:00
    Time in/Out:
    /
    Canister:
    N/A

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