Ghana Trade War: House of Reps Seeks Review of $1million Trading Capital
For Nigerians to seamlessly conduct trade in Ghana, the Speaker, House of Representatives, Femi Gbajabiamila has called on Ghanaian authorities to revisit the law demanding a $1 million trading capital for Nigerians and other nationals in the country.
The Speaker in a statement on issued Thursday by his Special Adviser on Media and Publicity, Lanre Lasisi stated this while speaking at a ‘Legislative Diplomacy’ bilateral meeting with Ghanaian lawmakers and some top government officials in Ghana.
He advocated for an amicable settlement of trade disputes through arbitration and fair judicial processes.
The Speaker called on Ghanaian authorities to revisit the component of the law that requires a capital base of $1 million for businesses to start adding that he would champion a law to improve the bilateral trade relations between Nigeria and Ghana.
“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 $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,” he said.