President Nana Addo Dankwa Akufo-Addo has said the idea of legislation to promote a Ghana-Nigeria Business Council that will have superintendence over trade and investment matters between the two countries is well overdue.

He said it is events that produce institutions, and the time has come for it to be done.

President Akufo-Addo’s comments come after the Speaker of the House of Representatives of the Federal Republic of Nigeria, Femi Gbajabiamila, called for the settlement of the trade dispute between Ghana and Nigeria through arbitration and a fair judicial process.

He called on Ghanaian authorities to revisit the component of the Ghana Investment Promotion Centre (GIPC) law that requires a capital base of $1 million for businesses to start, saying as Africans, fro that matter Ghana, should encourage brotherliness.

In order to deal with the trade disputes, he proposed that there should be “firstly, amicable settlement of trade disputes through arbitration and fair judicial processes”.

Responding to his concerns, Mr Akufo-Addo said: “I was alarmed because, if they were the sentiments and attitudes of the Federal Government of Nigeria, then we were in a really serious problem.”

“I thought it best to speak to Mr. President (Muhammadu Buhari) as soon as possible, which I did, and then I was informed by the Speaker [of Ghana’s Parliament] that he had taken an independent course of action in the matter by speaking to you [the Speaker of Nigeria’s Parliament], and inviting you to come to Ghana to talk about the issues that emerged from the statement.”

President Akufo-Addo further commended Speaker Femi Gbajabiamila for taking up the invitation extended to him.

He stated that the result of the meeting between the Ghanaian and Nigerian Speakers is the way forward, and very acceptable to him.

“The idea of legislation to promote a Ghana-Nigeria Business Council, that will have superintendence over trade and investment matters between our two countries, is well overdue. It is events that produce institutions, and the time has come for it to be done,” he said.

“It will be a good idea also to set up a joint Ministerial Committee for Ministers on both sides, who would be responsible for shepherding Ghana-Nigerian issues, and reporting to both Presidents at any time when matters occur, and how they should be resolved.”