Ghana To Review $1m Requirement Placed On Nigerian Traders

Ghanaian President, Nana Akufo-Addo, said the country will review its $1 million foreign equity requirement which has caused rift between Ghana and Nigerian traders operating in Ghana. He made the promise during the visit of the speaker of the house of representatives, Femi Gbajabiamila.

The $1 million foreign equity requirement is for the Ghana Promotion Investment Council (GIPC) registration. The country said no foreigner should operate a business in Ghana without the requirement. 

But the Ghanaian government will now review the requirement to enable friendly business relations between Nigerian and Ghanaians, a statement signed by spokesman of the house of representatives, Benjamin Kalu, disclosed.

The statement quoted Akufo-Addo, "I think the way forward, which is really what matters in situations like this, that is being suggested, one that I find very acceptable, a Nigeria-Ghana business council that will superintend over trade matters and investment matters between our two countries, may be long overdue.

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“The time has come for us to take these worthwhile steps. I suggested to Mr. President (Muhammadu Buhari) that it will be a good idea to set up a joint ministerial committee 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 settled.

“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.” The statement quoted Akufo-Addo.

It was jointly agreed 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.”