Accra, Nov, 16, GNA - A special task force is expected to begin operating on Monday to ensure that foreign traders in the country abide by the investment code.

Mr George Kwaku Ofori, Acting President of the Ghana Union of Traders Association (GUTA), told the Ghana News Agency in Accra on Friday that the executives of the union held a meeting with Mr Kwaku Agyeman Manu, Deputy Minister Of Trade, Industry and President's Special Initiative on Wednesday and he assured them that the task force would be formed on Friday.

"We are waiting for the task force to begin operation and after that we will also wait for the review of the investment code," he said. "Now that we have been assured that a task force is being formed we want the investment code to be reviewed as soon as possible," Mr Ofori added.

Four months ago, the Ghana Investment Promotion Centre (GIPC), Parliamentary select committee on Trade and Industry and GUTA held a tripartite meeting where it was decided that a taskforce must be set up to monitor the activities of foreign traders who had violated the terms of the investment code.

Mr Ofori said it was decided that the task force should be made up of officials of GIPC, GUTA, Customs, Excise and Preventive Service (CEPS), Police, Ghana Immigration Service (GIS), Ministry of Trade and Industry, VAT Service, Social Security and National Insurance Trust (SSNIT) and Internal Revenue Service.

He said a communiqu=E9 issued by GIPC also called for the establishment of a task force in Kumasi and Tamale for the same purpose. Mr Ofori said as soon as the task force started operating most of the foreign traders would be exposed. "The GIPC should take punitive measures against investors who register as manufacturers and divert into retail trading."

He said GUTA was not opposed to the idea of foreign investors coming into the country. "The moment you talk about foreign investment two things come into play, foreign direct investment or capital base as well as transfer of technology. We do not need foreigners to teach us how to do buying and selling, if you come and acquire single shops and do buying and selling you cannot call it foreign investment." He advised foreign traders to invest in other sectors like mining and agriculture and stop focusing their attention only on retail trading.

When the Ghana News Agency visited the Central Business District of Accra most of the shops, which had closed on Wednesday to protest against the involvement of foreigners in the retail trade, had re-opened for business but there were still red bands hanging at the entrances of the shops.

One shop owner Mr Amos Amoah Asiamah told the Ghana News Agency that Ghanaian retail traders did not want foreign traders in retail trading.

In a related development Mr Ofori, on behalf of the Union, wished President John Agyekum Kufuor and his driver a speedy recovery. President Kufuor's car was involved in an accident last Wednesday at the Opeibea House traffic light when a driver ran his car into that of the president making it to roll over.