GHANA may have soft-pedaled on the imposition of $1million capital base for foreigners, including Nigerians, doing business in that country.
The change of heart came at a peace meeting in Accra between President Nana Akufo-Addo and Speaker Femi Gbajabiamila of the House of Representatives.
At the meeting was the Speaker of Ghanaian Parliament, Mike Oquaye, who led Gbajabiamila to Akufo-Addo.
Oquaye and Gbajabiamila had earlier met on the issue with both sides agreeing on a review of the contentious policy.
Chairman of the House of Representatives Committee on Media and Public Affairs, Benjamin Kalu, who confirmed the development in a statement on Friday quoted Akufo-Addo as saying: “I think the way forward, which is really what matters in situations like this, that is being suggested, one that I find very acceptable, the idea of legislation, a Nigeria-Ghana Business Council that will superintendent trade matters and investment matters between our two countries maybe long overdue.
“The time has come for us to take these worthwhile steps. I suggested to Mr President (Buhari) that it will be a good idea to set up a joint ministerial committee of ministers from both sides who will be responsible for shepherding Ghana and Nigeria issues, reporting to both presidents at any one time, and that is how they should be resolved.
“I am hoping when I see him on Monday for the ECOWAS Summit, we can advance these discussions and come to a final conclusion.
“The way you yourselves have come about this matter is very satisfactory and it requires our support.
“The review that you are asking for, why not? If it works in our mutual perspectives, we can take it for granted that your request will be taken seriously. We will have a look at it. So, the request for the review makes a lot of sense.”
Gbajabiamila, at the meeting with Akufo-Addo, said: “We have appealed to the (Ghanaian) Parliament that if it is possible at all, to look again at the issues, as far as the Ghana Investment Promotion Centre Act is concerned, they should please do so. If it is not possible, then let us look at ways the pain can be reduced, like those expectations required in the law.
“We have proffered a few suggestions one of which is the establishment of Ghana-Nigeria Business Council backed by legislation on both sides.”