Chamber of Commerce says investor’s monopoly is collapsing retail businesses

The Chamber of Commerce in Yei Municipality has said the act of wholesalers resorting to retail business is forcing many local traders to end trade because their role has been taken over.

Speaking during a meeting with bank managers chaired by the mayor,Taban Jacob John, the chamber’s deputy chairperson said some investors are monopolizing local businesses by opening up many branches of the same goods across the municipality operating in wholesale and retail basis.

Comparing with previous economic participation of local traders, Taban lamented that investors in the municipality and the county have now taken 75 percent in trade participation to 25 percent the local traders.

“He (investor) may have a whole seller, he may have a retailer and he may have even a person who moves with his things on the head. This has now brought down all the powers of the business community who are operating in the municipality,” Taban said during a meeting on Monday at the Municipal hall.

Taban urged the municipal authority and Bank of South Sudan to ensure that commercial banks especially national and foreign banks, contribute the little they have to the local traders to enable them expand their businesses.  

He complained that foreign commercial banks are giving hard currency to investors which are meant for the local traders to safeguard them from falling.

The deputy Chamber of Commerce chairperson warned that continuous tolerance of the situation will compel many traders to give up running businesses if efforts are not stepped up to solve the issue.

In the black market, one hundred US dollars exchange for six hundred South Sudanese pounds with traders saying increased exchange rate is hiking prices for goods.

Traders also say they have increased the prices just little as part of reimbursing the charges levied on them in transportation, as well as custom charges.

“The goods in Kampala are very expensive now and when we bring here we also add something up, but the customers do complain and now they are not buying as usual,” said Confusas Arike, a retailer dealing in mixed goods told TCT.