Ghana Bows To Pressure, Set To Review $1.5 Million Capital For Nigerian Traders |The Source

By Akinwale Kasali

President of Ghana, Prof Nana Akufo-Addo, has assured Speaker of the House of Representatives, Femi Gbajabiamila, of the readiness of the Ghanaian Government to consider the resolutions reached at the meeting between Nigerian and Ghanaian lawmakers at the Ghanaian Parliament House.

Akufo-Addo gave the assurance when the Speaker of Ghanaian Parliament, Mike Oquaye, received his Nigerian counterpart who was on a courtesy visit to him  at the Jubilee House, Accra, Ghana.

This was contained in a statement issued on Friday by the Chairman of the House Committee on Media and Public Affairs, Benjamin Kalu.

The statement was titled, Ghana to Consider Resolutions From Legislative Diplomacy in Resolving Trade Dispute – Ghana’s President Akufo-Addo tells Gbajabiamila…as Nigeria’s Speaker Makes Case for the Amendment of Ghana’s GIPC Act.

Gbajabiamila had led a delegation of members of the House on a two-day “legislative diplomatic mission” to Ghana, to explore legislative diplomacy towards resolving the issues affecting both countries.

The dialogue between the parliaments of the two countries had sought modalities to resolve challenges and provide an enabling business environment for foreign traders, especially Nigerians doing business in Ghana.

Several foreign businesses in Ghana, many of which are owned by Nigerians, have been facing challenges in the demand for $1m capital base, as enshrined in the Ghana Investment Promotion Centre Act (2013).

Responding to a request by Gbajabiamila for a review of the GIPC Act to make certain concessions, Akufo-Addo said the request was in order as it “makes a lot of sense.”

The Ghanaian President, who expressed satisfaction with Gbajabiamila’s visit, endorsed his proposal for the establishment of a ‘Nigeria-Ghana Business Council’ established by law in both countries.

Akufo-Addo further suggested the setting up of a joint ministerial committee between the two countries that would “shepherd” issues between Ghana and Nigeria.

Part of the resolutions is the amendment of a Ghanaian law that makes it compulsory for foreigners (including Nigerian traders) to have $1m as capital base to operate businesses in the West African country.

Nigeria and Ghana have been having a face-off over the persecution of Nigeria’s businessmen which led to the shutting down of their businesses.

Last week, the Federal Government, set it was set to apply the for for tat principles.

But Gbajamiamila led a delegation from the House to his Ghanian counterpart where the two countries reached an agreement to handle the issue amicably.