Chairman of Ovation Media Group, Chief Dele Momodu, has added to calls for the minimum capital required for foreigners to engage in retail businesses in Ghana to be reviewed.

The Nigerian business magnate who has employees in Ghana intimated that majority of African nationals working in the country do so for greener pastures, hence making it impossible for such persons to make the payment.

Chief Momodu maintained that the longstanding fruitful relationship between Ghana and Nigeria must not be soiled by the trade standoff, adding that there was the need for increased love and collaborations to be exercised.

Speaking in an exclusive interview on GhanaWeb’s 'Say It Loud' show, Chief Momodu furthered that leadership of the Economic Communities of West African States (ECOWAS) needed to do more to improve trade between member countries.

“...I agree that we should show love to ourselves. I believe that 1 million dollars is not practical and it’s not practicable. There is nobody who has 1 million dollars who will leave his country. If I have 1 million dollars to invest in another country, I’ll rather go and buy a property in Banana island in Lagos and make money…. people travel, migrate all the time in search of greener pastures.

“We have many Nigerians, many Ghanaians, many Africans living in Europe and America, they don’t have papers and yet they are able to survive,” he stated.

“I wish that ECOWAS will be something that will enable any African like the Europeans… under the Europeans Union will be able to travel from Italy to France... and they will be welcome everywhere…” he added.

In a related development Nigeria’s Speaker of the House of Representatives, Femi Gbajabiamila during a 2-day visit to Ghana, admonished 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, Ghana should encourage brotherliness.



"First, amicable settlement of trade disputes through arbitration and fair judicial processes. In this context, we do believe that while it is the sovereign right of the government of Ghana to pass and implement the GIPC Act, we would implore you to explore alternative and less aggressive options of engaging, sanctioning and relating with our traders and business people who operate in your country, pay taxes and contribute to the development of both our nations.

"Secondly, we would encourage you to revisit the component of the law that requires a capital base of US$1,000,000.” He stated in a meeting with Ghana’s Speaker of Parliament Oquaye and delegation.