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Ghana raises c’ttee with Nigeria to end trade disputes

The act will set up the proposed “Ghana-Nigeria Business Council, to provide the legal and institutional framework

The Ghanaian Speaker, Alban Kingsford Sumana, says his country has raised a seven-man committee as its delegation to the Joint Committee of Eminent Persons of Legislature between it and Nigeria to end trade disputes and other issues.

Speaking at the House of Representatives in Abuja on Wednesday, he said: “They will interact with their Nigerian counterparts towards passing the “Ghana-Nigeria Friendship Act”.

The act will set up the proposed “Ghana-Nigeria Business Council, to provide the legal and institutional framework to sustain the continued friendship and business interests of our people.

“I am particularly glad to indicate that they are with me on this trip and are ready to engage with their counterparts towards realizing the intentions expressed in the act.”

Sumana also said the communiqué of May 31, 2021 of the meeting suggested a ring-fencing of some of the thorny requirements of the Ghana Investment Promotion Centre Act, 2013 (Act 865).

“Of particular mention, is the reconsideration of the one million United States-Dollar minimum capital requirement for trading enterprises under Section 28 (2) of the act.

“This is to facilitate regularization of the businesses of the affected Nigerian retail traders in the trade impasse,” he said.

He also said there is a special concession for the payment of 0.5 per cent stamp duty on the capital investment in respect of investment by foreign nationals.

With these efforts, he called on Nigeria to review some stringent conditions against some countries including Ghana.

“To this end, it will be highly appreciated if the Government of Nigeria will review the prohibition list banning the importation of specific goods and commodities into the Nigerian market, from countries including Ghana.”