Ghana ready to review $1m capital for foreign traders – Akufo-Addo

Ghana president Nana Akufo-Addo

Ghanaian President Nana Akufo-Addo says his country is ready to amicably resolve trade issues affecting foreign traders including Nigerians.

Prof Akufo-Addo, according to a statement on Friday by the chairman of the House of Representatives Committee on Media and Public Affairs Benjamin Kalu, stated this on Thursday when the Speaker of Ghanaian Parliament Mike Oquaye led his Nigerian counterpart Femi Gbajabiamila on a courtesy visit to his office at the Jubilee House, Accra, Ghana.

Both parties resolved to amend a Ghanaian law that makes it compulsory for foreigners (including Nigerian traders) to have $1million as capital base to operate businesses in the West African country.

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

He said he would discuss the issue with President Muhammadu Buhari when they meet at an ECOWAS summit on Monday.

The statement 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.

“I am hoping when I see him 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.”