President of Ghana, Prof. Nana Akufo-Addo, has expressed that his government is considering a review of the $1 million capital base for Nigerian and other foreign traders in the country.
The Investment Law is enshrined in the Ghana Investment Promotion Centre (GIPC), Act 2013.
Akufo-Addo gave the assurance in a meeting with the Speaker of the House of Representatives, Rep. Femi Gbajabimila, on Friday in Jubilee House in Ghana.
This was contained in a statement issued on Friday by the Chairman of the House Committee on Media and Public Affairs, Benjamin Kalu.
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.
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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.
It could be recalled that several foreign businesses, including many Nigerian businesses, in Ghana have been facing challenges with regard to the implementation of the GIPC law.
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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.”
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.
He also told Gbajabiamila that he would raise the issue with the President Muhammadu Buhari when they meet at the ECOWAS Summit on Monday, September 7.
Kalu quoted the Ghanaian President as saying;
I think the way forward, which is really what matters in situations like this, that is being suggested, one that I find very acceptable, the idea of legislation, a Nigeria-Ghana Business Council that will superintendent trade matters and investment matters between our two countries, maybe long overdue
The time has come for us to take these worthwhile steps. I suggested to Mr President (Buhari) that it will be a good idea to set up a joint ministerial committee of ministers from both sides who will be responsible for shepherding Ghana and Nigeria issues, reporting to both presidents at any one time, and that is how they should be resolved.
Gbajabiamila had earlier said;
We have appealed to the (Ghanaian) Parliament that if it is possible at all to look again at the issues, as far as the Ghana Investment Promotion Centre Act is concerned, they should please do so. If it is not possible, then let us look at ways the pain can be reduced, like those expectations required in the law.
We have proffered a few suggestions one of which is the establishment of Ghana-Nigeria Business Council backed by legislation on both sides.
