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FULL TEXT: Nigeria urges Ghana to revisit law on US$1 million business capital

The Speaker of the House of Representatives for the Federal Republic of Nigeria, Femi Gbajabiamila has made some far-reaching proposals in a hope to bring an end to the current retail trade war between Nigerian traders doing business in Ghana and their Ghanaian counterparts.During a ‘Legislative Diplomacy’ bilateral meeting with Ghanaian lawmakers and some top government officials as part of his ongoing visit to Ghana to resolve the crisis, Mr Gbajabiamila called for an amicable settlement of trade disputes through arbitration and fair judicial processes.

The Speaker also said he would be glad to champion a law to improve the bilateral trade relations between Nigeria and Ghana, noting that citizens of the two countries remain brothers and sisters. He called on Ghanaian authorities to revisit the component of the Ghana Investment Promotion Centre (GIPC) law that requires a capital base of $1 million for businesses to start, saying as Africans, Ghana should encourage brotherliness.

“First, amicable settlement of trade disputes through arbitration and fair judicial processes. In this context, we do believe that while it is the sovereign right of the government of Ghana to pass and implement the GIPC Act, we would implore you to explore alternative and less aggressive options of engaging, sanctioning and relating with our traders and business people who operate in your country, pay taxes and contribute to the development of both our nations. “Secondly, we would encourage you to revisit the component of the law that requires a capital base of US$1,000,000.

We are all Africans, we all have towns and villages, and we know only too well that majority of our traders across the continent are petty traders. The prospect of them being able to raise a capital base of $1,000,000 before they can trade in goods that may be worth less than $1,000, clearly is a major challenge.

“Thirdly, one of the things we are all proud about and the common surname that we all bear is ‘ECOWAS’ and as you know, by virtue of being ECOWAS countries, our nations and our citizens should be able to live, work and thrive in any of our nations without any form of hindrance or discrimination.

Copied from: Ghana web

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