Nigeria, Ghana Seek End To Retaliatory Tariff, Trade Policies

Nigeria, Ghana Seek End To Retaliatory Tariff, Trade Policies

Worried about the trade tension between Nigeria and Ghana, members of the private sector in the two countries, many of whom are largely affected, have sought an end to imposition of restrictive trade rules and counter-actions between the countries.
While there are claims of resolution, private sector operators are worried about the effect on trade and the two countries’ economic development.
Ghana High Commissioner to Nigeria, Rashid Bawa, expressed readiness by the Government of the Republic of Ghana to cooperate, collaborate and work closely with the Nigerian government for the sustainable development of the economies of both countries.
He stated this at the 2022 forum of Ghana Nigeria Business Council (GNBC) and Ghana Investment Promotion Council (GIPC) for Chief Executive Officers, in Lagos, yesterday.
Represented by Consul-General of Ghana in Lagos, Madam Samata Gifty Bukari, Bawa, said relations between the two countries have been sustained by collaborations between their private sectors, adding that this development has positioned Ghana and Nigeria as the two dominant economies in the West African sub-region.
He mentioned that the perennial tension between Ghana and Nigerian traders in Ghana are being resolved. Let me disclose that the Ministers of Trade of Ghana and Nigeria, late last year, signed a joint agreement that establishes a framework to guide the engagement between the two countries in resolving issues between Ghanaian retail traders and their counterparts from Nigeria.
“I can, however, assure you that the Government of the Republic of Ghana is committed to the timely implementation of the framework of engagement between Ghanaian and Nigerian traders.
“ As the economic and trade relations between the two countries warm up, as world economies are beginning to find ways of functioning in the midst of the pandemic, the desire for deepening cooperation among enterprises is growing stronger.
It is, however, disheartening to learn that many Nigerian entrepreneurs still fall short of the knowledge of and connectivity to the Ghanaian market. Many are oblivious of the huge potentials that exist in Ghana.
“It is a matter of fact that mutual understanding of the economies of our two countries with a positive attitude would further promote and strengthen our bilateral relations and escalate the growth of business cooperation,” he said.
In his remarks, President, Lagos Chamber of Commerce and Industry (LCCI), Dr. Michael Olawale-Cole, said for more than five decades, Nigeria and Ghana have established bilateral relationships in line with mutual interest of both countries for their individual economic development agenda and shared prosperity for the West African region.
The relationship between the two largest economies in the West Africa sub region has metamorphosed from merchandise trade into international trade in goods and services.
Speaking on the topic, ‘Ease of doing business in Ghana to Nigeria businessmen and women’, Olawale-Cole, said this programme is aimed at facilitating conversation on business environment in Ghana and most importantly deepen awareness on how Nigeria entrepreneurs can explore opportunities in Ghana without falling foul of the extant laws, policies, and several regulatory measures while doing their businesses in Ghana.
He said internationally oriented Nigerian businesses have deep footprints in Ghana cutting across key economic sectors like banking, insurance, oil and gas, industrial commodities, consumer goods, construction and real estate, telecommunication, maritime and freight forwarding. Officially, Nigeria has the second largest business portfolio in Ghana, only second to China.
Recently, he said the relationship between the two countries have suffered a series of setbacks occasioned by episodes of trade attacks and disputes. The use of discriminatory trade policies, high tariffs, border closures, and harsh business environment have impacted negatively on our trade volumes.
He noted that the Chamber of Commerce and the Business Council should work assiduously towards boosting trade between the two countries’ neighbouring countries.
“We must strategize to explore the opportunities coming with the implementation of the African Continental Free Trade Agreement (AfCFTA).
While both parties have expressed their grievances and resolutions sought, we need to move forward to more trade and investments for economic prosperity.

TDPel Media

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