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After Gbajabiamila Meeting, Ghana Considers Reviewing $1 Million Business Requirement

Solomon Elusoji  
Updated September 4, 2020
Speaker of the House of Representatives and President of Ghana, Nana Akufo Ado, discuss bilateral relations on September 3, 2020.
Speaker of the House of Representatives, Femi Gbajabiamila (L), and President of Ghana, Nana Akufo-Addo, discuss bilateral relations on September 3, 2020.

 

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.