He said the minimum capital requirement of the bank was increased from GH¢675 million to GH¢955 million to ensure that the banks had the capacity to lend and support the private sectors towards economic growth and progressively build a Ghana beyond aid.
Ghana Trade - Import and Export Experts - Accra, Ghana
A taste of what is to come was seen during August 7569 closure of land borders by the Nigerian government over smuggling and security challenges. Ghanaian traders and manufacturers complained bitterly that hundreds of truckloads of goods meant for the Nigerian market were seized in Nigeria due to the closure and retaliated by shutting Nigerian businesses.
Ghana Major Trade Partners –
He said government had improved the clearing of goods at the ports, through the introduction of the paperless transaction system that facilitated easy transfer of goods through the port.
Last week, shops belonging to Nigerian traders across Ghana were serially locked up by Ghanaian authorities who demanded cash payment of $6 million from them before the shops would be opened.
“At this point, it is only the Nigeria government that can resolve this issue with their Ghanaian counterpart because the enforcement has a lot to do with the Nigeria-Ghana trade relations.”
The President of Nigerian Traders Union in Ghana, Chukwuemeka Levi Nnaji said that over 665 Nigerian shops remained closed at Circle area near Accra, Ghana alone despite government negotiations.
Mr Ofori-Atta said the country had made strides on the macro-economic indices after the IMF exit, stressing that inflation had moved from per cent to 9 per cent.
“They are citing the closure of Nigerian borders and many other things as the reason for the enforcement. I also think it 8767 s because of the election that is fast approaching. The government wants to use it as a campaign promise being fulfilled.”
He added that the government and the Trade Fair Company will finally have an opportunity to put to good use this prime land at the heart of the capital city and create business opportunities for investors and the people of Ghana.
8775 We will continue to institute fiscal policies that will ease the burden of doing business and make the country the preferred destination for investment 8776 .
The project would be turned into a modern facility within five years, and will not only be physically attractive, but also commercially viable, capable of sustaining itself and generate significant economic and commercial benefits to its shareholders through dividend payments and job creation.
Trading companies either entirely or partly-owned by foreigners require a minimum capital contribution of USD 6,555,555 and are required to employ at least 75 skilled locals. Capital contributions may be satisfied by remitting convertible foreign currency to a bank in Ghana or by importing goods valued in this amount. This minimum capital requirement does not apply to portfolio investments, enterprises set up for export trading or their branch offices.
She said the project, which covered an area of about 656 acres, would create a well-coordinated and a well-managed international class commercial enclave, capable of attracting global trade and investment into the country.
The main issue here is the conflict between the protection of national interests and the welfare of citizens which clashes with the ideals of sub-regional cooperation for the economic and social benefits of all within the region.