Minister’s Explosive Denial on Foreigners’ 70% Market Control
By Philip Antoh
Trade Minister Elizabeth Ofosu-Adjare has robustly dismissed persistent claims that foreign nationals control 70% of Ghana’s retail market, a narrative often used by critics and backbench MPs to attack government policy.
Speaking at the Government Accountability Series on 21 January, the Minister stated there is “no empirical evidence” to support the widely cited figure, asserting that her ministry enforces measures to keep retail in Ghanaian hands.
Her comments are a direct rebuttal to a long-standing political grievance, particularly among Ghanaian traders’ associations, which have lobbied for stricter enforcement of the Ghana Investment Promotion Centre (GIPC) Act. This law reserves certain business categories, including market stalls and petty trading, exclusively for Ghanaians. The Minister’s denial shifts focus from enforcement crackdowns to future industrial strategy.
While denying the scale of the problem, Ofosu-Adjare did concede to a known loophole: Ghanaian citizens acting as fronts for foreign retailers. She criticised this practice as “unacceptable,” acknowledging a core compliance challenge.
The statement suggests the ministry’s approach may lean towards targeting these arrangements rather than large-scale, direct foreign ownership of retail outlets. This nuanced position attempts to placate local traders while avoiding a potentially disruptive, wholesale assault on a complex informal economy.
The Minister’s primary emphasis was on an optimistic economic forecast for 2026, which she described as “even more promising” than 2025 a year she cited for “increased industrial activity, falling prices, and heightened investor interest.”
Central to this outlook is a significant state-backed initiative: supporting the private sector to establish three large garment factories. The ministry estimates this project could create up to 27,000 jobs long-term. Ofosu-Adjore highlighted the sector’s advantage of being labour-intensive with minimal training requirements, positioning it as a direct solution to youth unemployment.
This marks a strategic pivot. Instead of being mired in the politically fraught and difficult-to-police retail sector, the ministry is steering public attention towards light manufacturing and export-oriented industrialisation. The garment factory plan aligns with broader “Resetting Ghana” agenda goals of job creation and value addition, potentially leveraging trade agreements like AfCFTA and AGOA.
The Minister’s confident dismissal of the 70% foreign retail claim will be challenged by traders’ groups and political opponents who cite visible foreign presence in markets across urban centres. Her effectiveness may hinge on demonstrating tangible results from the garment factory proposal, which requires significant private investment and infrastructure support.
The dual message denying a retail crisis while promoting a manufacturing boom allows the government to project control and forward momentum. It moves the conversation away from a defensive posture on trade compliance to an offensive one on industrial policy.
However, failure to address the genuine concerns of the trading constituency could fuel political backlash, while the success of the garment plan remains contingent on execution in a challenging economic climate. The ministry is betting heavily on the latter to define its legacy.