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Ghana Traders Threaten Nationwide Demonstration Over Review Of Retail Laws To Favour Nigerians

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The Ghana Union of Merchants (GUTA) has berated the nation’s Speaker of Parliament, Alban Bagbin, for saying that Nigerian merchants can be exempted from the $1 million (about N412 million) minimal capital underneath the GIPC Act, Act 865.

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President of GUTA, Joseph Obeng, described the evaluation as retrogressive and spiteful on the face of Ghana’s buying and selling neighborhood.



Obeng mentioned Ghanaian merchants have resolved to go all out to protest to protect the retail commerce sector.

 

“We are going to resist any try to remove the one retail market the 1992 Structure grants us. No makes an attempt by the eighth Parliament via the Speaker, Alban Bagbin, to evaluation or change the GIPC Act that ensures overseas retailers together with Nigerians, pay a minimal capital of $1 million. We are going to by no means sit again and watch this occur. GUTA is ready for a nationwide protest ought to this occur,” Obeng mentioned.

 

A joint communique between Ghana and Nigeria on the edges of the Extraordinary ECOWAS Summit, has exempted Nigerians from the $1 million minimal capital requirement underneath the GIPC Act 2013, Act 865 which hitherto prevents them from buying and selling in Ghana’s retail market.

 

This announcement was made by the Speaker of Parliament to Nigeria’s Home of Representatives final week.

 

Based on Bagbin, this intervention brings to finish the 25-year retail deadlock between Ghana and Nigeria.

 

“Of explicit point out is the reconsideration of the 1-million-dollar minimal requirement for buying and selling enterprises underneath part 28(2) of the Act. That is to facilitate regularisation of the companies of affected Nigerian retail merchants within the commerce deadlock. Equally commendable is the particular concession to be utilized to a requirement for a cost of 0.5 stamp responsibility. Our Parliament is working to ensure this doesn’t apply to our brothers and sisters from Nigeria,” the Speaker of Parliament had mentioned.

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