Ghana May Reduce $300,000 Capital Base For Nigerian Businesses

Ghana May Reduce $300,000 Capital Base For Nigerian Businesses

Nigeria is currently in talks with the government of Ghana over its requirement of $300,000 capital base for business investments in Ghana.

Also, there are already indications that there would be a positive outcome, according to the Permanent Secretary of the Ministry of Foreign Affairs, Ambassador Martin Uhomoibhi, while briefing journalists in Abuja Thursday.

The $300,000 requirement has generated a national uproar as there were allegations that it was being enforced to get rid of many Nigerian businesses making waves in Ghana. Uhomoibhi said Ghana, like Nigeria, is a signatory to the ECOWAS Protocol on the free movement of goods and services within the sub-region.

“What we have seen at this time is a remarkable degree of understanding and empathy and sympathy with all strands of argument and the willingness by both sides to promote what is best for the sub-region, what is best for the continent and what is best for the two countries,” he said.

He expressed optimism that an outcome that would protect the best interest of the citizens of the two countries would be reached.

Briefing journalists on the outcome of the recent African Union Summit in Addis Ababa, Uhomoibhi said Nigeria’s current Ambassador to Guinea, emerged the Commissioner for Political Affairs after a keen contest.

He added that member states have agreed to establish a Continental Free Trade Area (CFTA) by 2017 to improve intra-African trade.

It remains to be seen if the CFTA would be a reality considering the obstacles facing the continent, he said, listing the obstacles as poor infrastructure, energy, communication and differing policy frameworks.

Uhomoibhi recalled that the election of the Chairperson of the AU Commission was the highlight of the summit. “It would be wrong to view the outcome of the election of the Chairperson of the AU Commission as a failure of Nigeria’s diplomacy,” he said.

“Nigeria also secured the endorsement for election into key international positions next year. These include Dr. Kanayo Nwanze for re-election as President of the international Fund for Agricultural Development and Dr. Olumuyiwa Aliu for election to the post of President, Executive Council of the International Civil Aviation Organisation,” he added.

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