By Kwabena Adu Koranteng
At dawn in Makola, the familiar sounds of commerce still echo through the narrow alleys—metal shutters clanging open, traders arranging their wares, porters weaving through crowds. But beneath the daily bustle lies a growing sense of despair. For many Ghanaian traders, the market is no longer a place of opportunity; it has become a battlefield where survival grows harder by the day.
Across Ghana’s major commercial centres—Kantamanto, Makola, Abossey Okai and beyond—local traders tell a similar story: shrinking profits, dwindling customers and an overwhelming foreign presence that has altered the very character of the retail space. What was once a largely Ghanaian-driven market economy is rapidly transforming into one dominated by foreign traders, with troubling implications for livelihoods, employment and national economic control.
A Market No Longer Ours
The scale of the shift is stark. According to the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, foreign traders now control an estimated 70 percent of Ghana’s retail market, leaving local traders with just 30 percent. This revelation has intensified calls for urgent government intervention and stricter enforcement of investment laws.
Foreign traders—particularly from China and Nigeria—have become prominent players in retail sectors that were historically reserved for Ghanaians. Stationery and printing services, electronics, household goods and general merchandise are now largely foreign-controlled. Commercial enclaves such as China Mall and Chinatown have become visible symbols of this transformation, drawing heavy foot traffic while nearby Ghanaian-owned shops struggle to stay afloat.
How Locals Are Being Undercut
Many Ghanaian traders point to aggressive pricing strategies as a key factor in their decline. Foreign traders often import goods in large volumes, enabling them to sell at prices locals cannot match. Nigerian traders, in particular, have leveraged high-volume sales and rapid inventory turnover to dominate sections of the retail market.
There are also persistent allegations of regulatory abuse. Some traders are accused of bypassing official ports, misusing transit arrangements or exploiting free-zone privileges—practices that deny the state vital tax revenue and create an uneven playing field. For local traders who dutifully pay duties, taxes and levies, the competition feels fundamentally unfair.
The Human Cost of a Failing System
Beyond the balance sheets lies a deeper human cost. As local businesses close, jobs disappear. Youth who once found employment in small retail operations are left idle, adding to Ghana’s already worrying unemployment figures. Ironically, this growing joblessness increases pressure on the government to provide social interventions that could have been avoided through effective regulation.
Labour concerns further complicate the picture. Trade unions and trader associations complain that some foreign-owned retail outlets flout Ghana’s labour laws—paying below the minimum wage and subjecting Ghanaian workers to poor working conditions. Enforcement, however, remains weak and inconsistent.
“Our market is gone,” Dr. Joseph Obeng lamented at a recent public forum. “Today, when you go into stationery and printing shops, most of them are Chinese-owned. Our people are being squeezed out.”
Lessons from the Gold Trade
The debate has gained renewed urgency following government’s recent decision to ban foreigners from participating in Ghana’s local gold market. The reform, which grants regulatory authority to the newly established Ghana Gold Board, was justified as a necessary step to protect national resources, boost foreign exchange reserves and stabilise the cedi.
For many traders, the move raises a critical question: if decisive action can be taken in the gold sector, why is the retail market treated differently?
Local business owners argue that retail trade, like small-scale gold mining, plays a critical role in sustaining ordinary livelihoods. Allowing unchecked foreign dominance, they say, undermines economic sovereignty and social stability.
Between Investment and Protection
To be clear, the call is not for hostility towards foreign investment. Ghana has long benefited from international capital, technology and expertise. But trader associations insist that investment must respect local laws and the spirit behind them. Retail trade, they argue, was deliberately reserved as a buffer for citizens who lack access to large capital.
When those safeguards fail, the consequences ripple through families and communities. “Our mothers are crying, our fathers are wailing,” a trader at Kantamanto said quietly. “We are losing everything we worked for.”
A Warning the Nation Must Heed
History offers sobering lessons. Prolonged economic exclusion breeds resentment. When livelihoods disappear and grievances pile up, social tension follows. This is why many analysts warn that the erosion of local enterprise is not merely an economic issue but a matter of national stability.
Ghana stands at a crossroads. It can continue on its current path, allowing weak enforcement and regulatory loopholes to hollow out its local markets. Or it can act decisively—strengthening oversight, enforcing existing laws and restoring balance to the retail space.
As the saying goes, prevention is better than cure. The question is whether Ghana will act in time, or wait until the cost of inaction becomes far greater than it ever needed to be.
