Business News of Friday, 14 August 2020
Source: Laud Business
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Over one hundred retail shops belonging to foreigners at Circle have been closed down in an exercise led by the Presidential Committee on retail trade.
The exercise which started peacefully later turned chaotic. The Presidential Committee in the company of the Police arrived at Circle at about 11AM Thursday August 13.
Public Relations Officer of Ministry of Trade and Industry Prince Boakye Boateng explained that the Committee is only enforcing Section 27, Clause 1 of the GIPC Act
“We came here today to lock up shops, we did not come here to inspect legal documents. We have been here several times and when we came here earlier on we asked them to ensure that they have complied with the necessary regulatory requirements.
“The business should have been registered at the Registrar Genera Department, we are also saying that if you are a foreigner and you are trading in this country you must have the necessary residence and work permit to be in this country.
“There must be prove that you have paid your taxes. You should prove that you have invested at least one million dollars in your capital. So if you don’t have that then it means that you are not part of this country,” he said.
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