Ghana cancels policy on $300,000 capital base for Nigerian traders

The Ghanaian government has rescinded its policy compelling Nigerian businessmen and traders to pay a minimum capital of $300,000 or have their businesses shut down.

The defunct policy had also mandated Nigerian businessmen and traders to employ at least five Ghanaians as condition to operate their offices and shops.

Nigeria’s High Commissioner to Ghana, Ademola Onafowokan made this known to State House correspondents in the advanced team of President Goodluck Jonathan’s visit to Accra.

President Jonathan will participate in the funeral rites of John Atta Mills, Ghana’s president who died in office on July 24 . The funeral for Mills is scheduled for Friday. Jonathan will meet with Ghana’s new leader, President John Dramani Mahama during his visit to Accra.

The Nigerian president was expected in Accra last night.

The controversial capital base requirement of Nigerian businesses by the Ghana government had stirred the waters, as Nigerian businessmen, under the auspices of the Nigerian Union of Traders Association in Ghana (NUTAG) and the Eagle Circle Traders, had implored the Federal Government back home to intervene and stop what they alleged to be gross discrimination and unfair trade laws which were contrary to the tenets of Economic Community of West African States (ECOWAS).

Onafowokan said the Nigerian High Commission had stepped in and succeeded in halting the policy. “Ghana, just like Nigeria, welcomes foreigners; so let us quickly remove the erroneous impression that Ghanaians are trying to drive Nigeriansaway like we did to ourselves in the past,” he said.

flag of the Economic Community of West African...

flag of the Economic Community of West African States (Photo credit: Wikipedia)

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IMAGE: http://www.cknnigeria.com

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