Chinese malls taking about 60% of our market share – GUTA President
The President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng, has urged authorities to examine the expansion of Chinese shopping malls, warning that local businesses are losing market share.
Speaking on Joy News’ PM Express Business Edition on Thursday, he claimed the malls were taking about 60 per cent of local traders’ market share.
He said their growing presence was hurting Ghanaian businesses, even as broader economic conditions improved.
“But if you want to talk about shops springing up, it's mostly these Chinese shopping malls which are even in the market.”
Mr Boateng questioned how the expansion of these malls could be reconciled with suggestions that the trading environment was poor.
“Well, if the environment is that bad, we would not be to the extent that these Chinese shopping malls are springing up, and these shopping malls are taking about 60% of our market share, and we think it is having a very negative impact as far as local businesses, you know, are concerned.”
He also raised concerns about where those businesses' profits would go. He argued that Chinese malls would repatriate their earnings, while stronger local businesses would keep money in the country.
GUTA’s call for intervention came alongside a broadly positive assessment of business conditions.
Mr Boateng agreed with Ghana National Chamber of Commerce and Industry CEO Mark Badu-Aboagye that economic indicators were moving in a favourable direction. He said traders should feel the benefits in their operations.
“So, to a large extent, it hasn't been all that bad.”
However, he maintained that the expansion of Chinese malls required attention from the authorities because of its impact on local traders.
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