The Reason Why Ghana Has Pledged to Review the GIPC Act

INTRO: President Nana Akufo-Addo of Ghana pledged to review the obnoxious Ghana Investment Promotion Centre (GIPC) Act of 2013 which demanded a one million dollar capital base from foreign investors. He gave the acceptance in a meeting with the Nigerian House of Reps delegation on Legislative Diplomacy Bilateral led by the Speaker, Rep. Femi Gbajabiamila in Jubilee House, Ghana on Friday, September 4, 2020. The delegation of legislators from Nigeria had waded into the trade controversies between Nigeria and Ghana over the GIPC Act which affects Nigerians doing business in Ghana.

The reason for the acceptance was that the President considered the proposals by the delegation quite acceptable including the creation of Nigeria-Ghana Business Council backed by laws of the respective countries to superintend over business issues between the two countries.

According to President Akufo-Addo, “I think the way forward, which is really what matters in situations like this, is what 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 may be long overdue.

“The time has come for us to take these worthwhile steps.

“I suggested to Mr. President (Muhammadu 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 (Buhari) on Monday for the ECOWAS summit, we can advance these discussions and come to a final conclusion,” Akufo-Addo was quoted as saying.”

The Speaker of the House of Representatives and his team have indeed scored great diplomatic point with this development. The GIPC thing is well stacked against the foreigners, nay Nigerians in Ghana. I would want expeditious action on the proposal so that the ugly reports about the sufferings of Nigerian businesses in Ghana would end.