How to foster common prosperity in ECOWAS – Ghanaian envoy

Ghana’s investment portfolio in Nigeria is quite low when compared to the volume of Nigerian companies in Ghana, why is it so?When it comes to investment, you know Nigeria has a comparative advantage, in terms of financial resources. So you notice there are more investments to Ghana. But in the non-oil sector, Ghana has comparative […]

Ghana’s investment portfolio in Nigeria is quite low when compared to the volume of Nigerian companies in Ghana, why is it so?
When it comes to investment, you know Nigeria has a comparative advantage, in terms of financial resources. So you notice there are more investments to Ghana. But in the non-oil sector, Ghana has comparative advantage. So that is what is going on.
Now the problem with the trade exchanges is that there are certain problems that are encountered in terms of the border and in terms of prohibition in limited places which are slowing down exports into Nigeria. And these are the issues we need to look at, both in the context of ECOWAS trade and within the smaller trade nucleus.
We need to enlighten the public sector to liaise more with the private sector, who are the ones in the field feeling the pinch, so that together those challenges can be addressed.  One thing also is that those in the public sector do not seem to understand the major challenges in private sector operation. For instance as a public servant I get my salary at the end of the month, but the person in the private sector must make money to be able to survive and at least pay his workers. Those of us in the public sector, do we understand it fully that our policies must facilitate trade? So in our engagement we should understand the predicament of the private sector operators.
What are the concerns of Ghanaians doing business in Nigeria: what are the challenges they face doing business there?
 In the area of trade exchange when it comes to the non-oil sector the comparative advantage is Ghana. The problems Ghanaians are encountering are the free movement of goods and persons. The limited prohibition that Nigeria has legislated which affect Ghana. It is not targeted at Ghana but Ghana is affected, so that is the worry; the problem that they face not only at the Nigerian border, but moving from Ghana all the way to the other countries. Those challenges are enormous and the areas we need to address.
There is this persistent rift between Nigerian and Ghanaian traders in Ghana. What do you recommend as the way forward?
I will tell you that I have had the opportunity of meeting the Ghanaian Union of Traders. They are very well organised and focused. To say that Ghanaian and Nigerian traders are always having problems, I think it is taking it too far. It is like a husband and wife having an exchange somebody can say these people are always quarrelling.  The reality is that there are certain challenges which have emerged in the course of doing the business. You face the challenges you see how best it can be resolved then. And my argument is that first we should start with the rule of law and even within the rule of law if you think there is need for flexibility you now negotiate. So you don’t take things for granted. We don’t have a major problem. We just have to be strategic and innovative.
There is a standing regulation prohibiting non-Ghanaians from engaging in retail trade. This is the crux of the dispute between Ghanaian traders and foreign traders. So how do we resolve this?
We need to educate the traders whether it is in Ghana or Nigeria that they must operate within the protocols of ECOWAS. And when they do that and if they are still facing challenges and you now look at how you can address those challenges, because the rule of law is one thing. But you can be flexible within the rule of law.
ECOWAS made so many protocols and agreements that are not being felt and implementation appear to be a major hiccup.  Don’t you agree with that?
It is easy to make a treaty and it is another thing to implement. When our leaders take a policy direction, the private sector as well as other stakeholders should be involved in the implementation. You do not leave it for the leaders. You must be part of the process leading to the decision-making and you must be part of the implementation process.
What is happening to the idea about the common currency for ECOWAS?
We are on it.  Our leaders have resolved to harmonise our monetary policy before it comes fully on stream.
Do you think it is feasible?
Why not, others have done it why not ECOWAS.