Ghana president promises to review $1m capital obligation for Nigerian traders

Ghanaian president, Nana Akufo-Addo has promised to review the law making it compulsory for foreigners (including Nigerian traders) to have $1million as capital base to enable them operate retail businesses in the country.

The president made the promise to the Speaker of the House of Representatives, Femi Gbajabiamila who was in the country to negotiate with the authorities following the controversy that broke after the country’s authorities harassed Nigerian traders and closed their shops demanding they pay $1m.

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 when the Speaker of Ghana’s parliament, Prof. Mike Oquaye, upon completion of the two-day extensive dialogue, led Gbajabiamila on a courtesy visit to the President at the Jubilee House, Accra, Ghana on Thursday.

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.

Responding to the Speaker’s request, Akufo-Ado endorsed his proposal for the establishment of a ‘Nigeria-Ghana Business Council’ and backed by law in both countries.

The president additionally suggested the setting up of a joint ministerial committee that would shepherd issues between Ghana and Nigeria.

He informed Gbajabiamila that he would also raise the issue with President Muhammadu Buhari when they meet at the ECOWAS Summit on Monday.

“I am hoping when I see him (Buhari) on Monday for the ECOWAS summit, we can advance these discussions and come to a final conclusion. The way you yourselves have come about this matter is very satisfactory, and it requires our support. The review that you are asking for, why not? If it works in our mutual perspectives, we can take it for granted that your request will be taken seriously. We will have a look at it. So, the request for the review makes a lot of sense,” the president said.

Meanwhile, in a communique issued jointly at the end of the bilateral meeting between members of the two Parliaments, it was resolved that “measures will be adopted to support law-abiding traders to properly regularise their business operations to alleviate the trade challenges occasioned by the alleged closure of the retail stores, in view of the ravaging impact of Covid-19 pandemic on businesses and families in both countries.”

They acknowledged that many stakeholders in the retail sector have limited appreciation of the trade laws of Ghana, in particular, Section 28 of the GIPC Act, which provides for the conditions under which non-Ghanaians can engage in trading activities and urged the relevant regulatory authorities, including the GIPC and Trade Attaches of foreign missions, to educate their citizens on the trade laws.

They also emphasised the need to respect the sovereignty of Member States of ECOWAS and their laws but, in doing so, efforts must be made to ensure that the ECOWAS Agenda for free movement of people and goods in furtherance of a shared and prosperous future of citizens of the sub-region is not compromised.