Ghana’s president, Nana Akufo-Addo, has given assurances to the Speaker of the House of Representatives, Femi Gbajabiamila that the Ghanaian government would consider amending the law that makes it compulsory for foreigners (including Nigerian traders) to have $1million as capital base to enable them operate retail businesses in the country.
Several foreign businesses, many Nigerian-owned, in Ghana have been facing challenges with the nation’s demand for $1 million capital base, as enshrined in the Ghana Investment Promotion Center (GIPC) Act (2013).
The need to review this law was one of the resolutions reached at the “Legislative Diplomacy Bilateral Meeting” between Nigeria and Ghana’s senior legislators to resolve the trade dispute between the two countries.
The House of Representatives, in a statement issued yesterday by its Spokesman, Benjamin Kalu, said Akufo-Addo gave the assurance to amend the law during a courtesy visit by the Speaker of Ghana’s parliament, Prof. Mike Oquaye and Femi Gbajabiamala, to the President at the Jubilee House, Accra, Ghana on Thursday.
The legislative diplomacy dialogue became imperative as the parliaments of the two countries sought ways to resolve challenges and provide an enabling business environment for foreign traders, including Nigerians, in Ghana.
During the visit, Gbajabiamila also sought an amendment of Ghana’s GIPC Act to make certain concessions, and suggested establishment of Ghana-Nigeria Business Council, backed by legislation on both sides.