THE Chairman of Krif Ghana Limited, Mr Kennedy Okosun has recommended the establishment of a Ghana, Nigeria Trade Commission to solely work towards overcoming the challenges of trade between the two countries.
He further recommended the commission could be a non-governmental, quasi diplomatic commission to be headed by a distinguished former political leader.
Speaking at a Ghanaian-German Economic Association (GGEA) ECOWAS project forum in Accra, Mr Okosun said if the resultant gains in implementing the ECOWAS protocol were to be harnessed, then appropriate laws within member countries had to be fine-tuned in favour of ECOWAS citizens.
The aim of the forum was to look into the concept of ECOWAS and the pertaining issues of implementing the laid down protocols.
He noted that trade between the two countries should be deepened for the mutual benefit of the two countries, stressing that relations between the two countries dates back to history and therefore there was the need to consolidate that relationship.
Ms Hannah Tetteh, the Minister of Trade and Industries, said Ghana and Nigeria are to sign a Memorandum of Understanding (MoU) on how to facilitate business transaction between the two countries.
The MoU is expected to spell out the procedures an investor would have to follow in transacting business in both countries.
She explained that it was the expectation of the ministry that with the signing of the MoU the procedure for doing business in Ghana would become clearer to Nigerian businesses.
She said “after this is done I will expect every foreigner who come into the country to invest to follow the laid down procedures and the laws that govern the trade sector of the country.
The Nigerian High Commissioner to Ghana, Senator Musiliu Olatunde Obanikro said the present democratic dispensation was aware that the ideals of democracy would only flourish on the bedrock of a strong and virile economy.
He said due to this, one of the methods adopted towards attaining that objective was through the incentives that had been put in place to encourage Nigerians and foreigners to invest in Nigeria.
Mr Obanikoro said his country was endowed with natural resources, huge deposits of oil and gas, bitumen and other mineral resources which Ghanaians could invest into.
He explained that having experienced unpleasant experiences in political instability, corruption and poor macroeconomics management, the present administration was convinced of the need to come up with the business as usual syndrome.
Mr Obanikro stated that the government had also put in place an array of incentives and liberal tariff regime in order to sustain and stimulate private investment from within and outside Nigeria.
Other contributors including the Managing Director of Amalgamated Bank, Mr Menson Torkornoo, supported the idea of putting in place measures to realise the aims of ECOWAS trade protocol.
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