The Nigerian business community in Ghana wants government to honor its promise to grant waivers to foreign investors in the country.
According to them, the waivers will help them establish new businesses in the country as well as expand already existing ones.
The businesses further believe the move will fall in line with government’s plan of creating a business friendly environment.
The call by the delegation on government also follows indications from the Ghana Investment Promotion Center (GIPC) to reduce the capital limits required of foreign investors in order to attract more FDIs into key areas of the economy.
The business delegation who paid a courtesy call on Vice President, Dr. MahamuduBawumia said better terms to attract more foreign investment will enhance economic integration.
“In the spirit of economic integration that both Nigeria and Ghana are promoting being active members of the ECOWAS, we wish to solicit your kind intervention in the waiver of the three hundred dollars mandatory equity for all prospective foreign traders particularly Nigerians as stipulated by Ghana Investment Promotion Act”, a representative of the delegation said.
She further talked about how effecting the waiver would prove to potential investors all over the world that the government of Ghana is committed to creating a business friendly environment.
“The government’s kind intervention on this issue and other economic related concerns will be well appreciated as this goes to confirm to foreign investors here in Ghana of the present administration to businesses here in Ghana.”
Currently, foreign investors who wish to invest in Ghana are required to provide a capital limit of 200,000 dollars for joint ventures with Ghanaian companies while their counterparts that are fully owned by non-Ghanaians must provide 500,000 dollars in capital.
The CEO of the GIPC, Mr. Yoofi Grant earlier explained to Citi Business News that the capital limit could be reduced if the investment will create more jobs for Ghanaians
“We need to take a relook at that law and open up and say that if you can invest here, bring in the minimum in whatever figure it is. Let the companies come and invest in the country. There are companies that may come with the minimum investment of say $100,000 for example in the IT business but they come and employ 200 people, but because they will not meet the minimum capital, they will not come,” he argued.
In response, Dr. Bawumia said the government would do its best to encourage more FDIs in the country and make Ghana the most business friendly country in West Africa.
“We want to be business friendly and so we want to make sure the tax environment is very conducive for businesses and also to do away with bureaucracy as well as deal with the challenges faced by business people at the ports, this and much more will be done for businesses to the benefit of both foreigners and locals”.