After Gbajabiamila Meeting, Ghana Considers Reviewing $1 Million Business Requirement
Ghanaian President, Prof. Nana Akufo-Addo has suggested he is open to reviewing his country’s $1m capital base requirement for foreign businesses, Nigeria’s House of Representatives said in a statement on Friday.
President Akufo-Addo gave the indications after meeting with the Speaker of the House of Representatives, Hon. Femi Gbajabiamila on Thursday.
Gbajabiamila was visiting Ghana on a “legislative diplomacy” over hostilities against Nigerians living in the West African country.
The Federal Government, in a litany of complaints against the Ghanaian government’s treatment of Nigerians, had criticised the amended Ghana law which requires foreign-owned businesses to have a minimum capital base of US$1m.
“Though targeted at foreigners, it seems GIPC’s definition of foreigners is Nigerians,” Information Minister, Lai Mohammed, said in a statement on August 28.
At the Thursday meeting with the Ghanaian President, Gbajabiamila asked for a review of the law, according to a statement signed by House spokesman, Hon. Benjamin Kalu.
In response, President Akufo-Addo said the request was in order as it “makes a lot of sense”, the statement said.
The Ghanaian President also expressed satisfaction with Gbajabiamila’s visit, endorsed his proposal for the establishment of a ‘Nigeria-Ghana Business Council’ established by law in both countries, and additionally suggested the setting up of a joint ministerial committee between the two countries that will “shepherd” issues between Ghana and Nigeria, Kalu’s statement added.