Ghana-Nigeria Depeen

THE Ghana-Nigeria trade agreement which provides the foundation for improved and sustained bilateral trade and investment relations between the two countries will come into force by March next year.
The agreement is expected to serve as a watershed in the history of the two countries whose combined Gross Domestic Product (GDP), experts say, amounts to more than 60 per cent of the overall GDP of the West Africa sub-region.
At a gala night to climax the three-day summit in Accra to set the stage for a joint business forum for the two countries, the Vice-President, Alhaji Aliu Mahama, charged the leadership of the Ghana-Nigeria Chamber of Commerce and Industry (GNCCI) to ensure the full implementation of the economic protocols in the sub-region.
In a speech read on his behalf by the Minister of Trade and Industry, Papa Owusu-Ankomah, the Vice-President said the two countries were better positioned to exploit the benefits of regional trade arrangements but noted that “our inability to overcome some of the stumbling blocks militates against our full economic integration”.
He said protocols initiated four years ago, such as a common external tariff, the removal of road blocks and other restrictive trade practices enacted by some member countries, would make it easier to do business, encourage good rules, among others.
The chamber has also been tasked with the liberalisation of trade between the two countries, as well as the creation of investment opportunities, export potential and the implementation of the Economic Community of West African States (ECOWAS) protocols.
The Vice-President said the government had established a Trade and Investment Office within Ghana’s High Commission in Abuja as part of efforts at strengthening trade and investment relations between the two countries.
“All these provide justification for us to take such a bold decision to align the two countries,” he stated, and explained that another compelling reason the government supported the venture was that it would enable the countries to fully utilise each other’s competitive advantage in areas of specialisation.
He recalled that trade between the two countries dated back to the colonial era when the relationship was informal, adding that business relations between both countries had flourished from a mere exchange of goods and services in an informal way to the current regime.
Alhaji Mahama, therefore, urged the two countries to be at the forefront to revive the fast-track approach initiated four years ago and work towards the full implementation of economic protocols.
“I look forward to the two bodies working together to champion the search for a greater, more open and transparent regulatory regime to guide business transactions across our national frontiers,” he said, and urged the chamber to lead the crusade to promote greater trade in other commodities.
Ghana’s High Commissioner to Nigeria, Mr George Kumi, said the venture had been possible as a result of the good administration of the government in the past eight years and gave the assurance that with the enhancement of trade relations between the two countries, there would not be the need to find solutions to problems elsewhere.
The Nigerian High Commissioner in Accra, Mr Mohammed Musiliu Obanikoro, also commended the two countries for the venture and promised to see to the success of the trade agreement between the two countries.
He also commended all corporate organisations that supported the formation of the chamber.
A communiqué issued at the end of the Business Summit stressed the need to provide a conducive environment for Nigerian businesses to thrive in Ghana, and vice versa, as a driving force for the two economies.
It also called for a solid framework for inter-agency collaboration, as well as the need to engage policy makers to address the issue of trade barriers.
All the organisations that participated in the summit were registered as automatic founder members of the GNCCI.
Mr Herbert Osei-Baidoo was elected the first President of the GNCCI.