The Ghanaian Government has said it would reconsider the $1 million tax imposed on foreign traders, including Nigerians in the country. This decision was conveyed by the Ghanaian President Professor Nana Akufo-Addo during a meeting with the Speaker of the Nigerian House of Representatives, Hon. Femi Gbajabiamila.
The decision had been reached during a meeting between Hon. Gbajabiamila and Ghanaian lawmakers at the Parliament House, Accra where the tax law compelling foreign businessmen to have $1m as a capital base before commencing operations in the country was reviewed.
After the meeting between the lawmakers, Hon. Gbajabiamila was led by the Speaker of the Ghanaian Parliament, Mike Oquaye to visit President Akufo-Addo at the Jubilee House on Thursday.
During the meeting with Hon. Gbajabiamila, the Ghanaian President said, the request of the Nigerian Speaker for a review of the act was in order. He also endorsed the proposal for the establishment of a joint Nigerian-Ghana Business Council and further suggested a joint ministerial committee between both countries to solve existing diplomatic issues.
President Akufo-Addo said;
“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.
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“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.”
Hon. Femi Gbajabiamila had led a delegation of members of the Nigerian House of Representatives to Ghana to resolve diplomatic issues affecting both countries after Nigerians living in the country complained of being mistreated by Ghanaian authorities.
Nigerian businesses had faced aggression from authorities after many of them could not meet the $1 million trade tax imposed by the Ghanaian government in form of an act, Ghana Investment Promotion Centre Act of 2013 as amended.