Accra, Aug. 1, GNA - Traders in Accra Central on Tuesday asked the Government to urgently consider either removing foreigners from the retail trade sector in line with the country's Investment Code or to increase the threshold of the amount required for entry by foreign investors.

At a forum attended by the Minister of Finance, Mr Kwadwo Baah-Wiredu, officials of the Internal Revenue Service (IRS); Customs, Excise and Preventive Service (CEPS) and Value Added Tax (VAT) Service, the traders said the Government must review the current threshold requirement of 300,000 dollars in the Investment Code to five million dollars with proven evidence of cash.

The forum initiated by the Ghana Electrical Dealers Association and Accra Central Shop Owners Association was to enable the traders to voice out problems affecting their operations.

According to the traders the ceiling of 300,000 dollars set about two decades ago was now totally unrealistic and irrelevant to the needs of the country.

"We are very much aware of the provisions of the Ghana Investment Code and strongly believe that it is being abused by some so-called foreign investors. As a result, we would like to appeal to the Government to review the Ghana Investment Code to suit the needs of the time," Mr Joseph Obeng, President of the Ghana Electrical Dealers' Association and Spokesperson of the traders told the forum.

The traders contended that the move had become necessary to check the alarming rate at which foreigners were invading the retail sector of the economy to the detriment of growth of local businesses.

Mr Obeng demanded a strict monitoring of activities of foreign investors and periodic evaluation of their compliance with the rules and regulations governing investment in the country.

Touching on funds transfer, Mr Obeng said the restrictions on the opening of foreign exchange account was seriously undermining their operations as they now had to do so through Forex Bureau operators, who charged them high commission compared to the banks.

He appealed to the banks to make all legal money transfers as easy as possible by lifting the restriction on the opening of foreign exchange account to enhance the smooth running of business.

The traders also asked that money that could be taken out of the country should be increased to 50,000 dollars bearing in mind the cost of one container of goods.

Currently, travellers out of the country are permitted to carry only three thousand dollars.

Other problems highlighted by the traders were frustrations they underwent at the various entry points in clearing their goods; post clearance audit inspection by CEPS and the complex nature in operating the standard VAT scheme.

Mr Baah-Wiredu said the issues raised at the forum would be looked into by the various agencies to ensure smooth running of businesses in the country.