Nana Akuffo-Addo, President of Ghana, has said his country will review the $1 million fees capital requirement mandated for Nigerian traders in the gold coast nation.
Akufo-Addo gave the assurance when the Speaker of Ghanaian Parliament, Mike Oquaye, led his Nigerian counterpart on a courtesy visit to his office at the Jubilee House, Accra, Ghana on Thursday.
This was disclosed in a statement issued by Benjamin Kalu, Chairman of the House Committee on Media and Public Affairs, on Friday.
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.
The dialogue was set up for the two countries to seek modalities in order to settle challenges and provide an enabling business environment for foreign traders, including Nigerians doing business in Ghana.
Several foreign businesses in Ghana, many of which are owned by Nigerians, have been facing challenges in the demand for $1m capital base, as enshrined in the Ghana Investment Promotion Centre Act (2013).
Responding to a request by Gbajabiamila for a review of the GIPC Act to make certain concessions, President Akufo-Addo said the request was in order.
The Ghanaian President also proposed the setting up of a joint ministerial committee between the two countries that would “shepherd” issues between Ghana and Nigeria.
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.”
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.”
The two also parliaments jointly issued a communique at the end of the bilateral meeting.