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General News
300,000 Minimum Capital Requirement...ECOWAS Nationals Exempted 7/8/2012

The Government of Ghana has confirmed that ECOWAS nationals are exempted from the payment of the $300,000 minimum capital requirement for foreign retail traders.

The Nigerian Union of Traders Association is demanding more answers from government following reports that ECOWAS nationals have now been exempted.

The Nigerian traders say they were informed by the fact finding committee from the ECOWAS Parliament which is handling their concerns over the removal of some foreign retailers.

Minister of Trade and Industry, Hanna Tetteh in an interview with XYZ News confirmed that ECOWAS nationals must go through due process in registering the business but are not mandated to pay $300,000 to register their business.

"We recognize the ECOWAS protocol on the right to establish and as such we will not require ECOWAS citizens to meet the US$ 300,000.00 requirement, neither will they have to employ 10 Ghanaians" Ms Tetteh said.

She added that "however, they will have to register businesses with the Registrar General''s Department, they will have to register with the Ghana Revenue Authority, and also obtain valid residence permit".
Source: radioxyzonline.com

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