The Lagos Chamber of Commerce and Industry (LCCI), has expressed uproar over recurring reports of unfriendly policies of the Ghanaian authorities towards Nigerian investors and citizens.
Speaking on the occasion of the second quarterly press conference on the economy, the president of LCCI, Otunba Femi Deru said, the chamber is disturbed over the inimical policies being posed by the Ghanian authorities in Ghana as there are thousands of Ghanaian citizens in Nigeria doing business freely without any form of molestation.
â€œThe increasing intolerance of the Ghanaian authorities is a cause for concern. This seeming resurgence of economic nationalism in Ghana is hurting our citizens doing business in that country and a complete negation of the ECOWAS spirit.Â There are thousands of Ghanaian citizens in Nigeria doing business freely without any form of molestation.
The Foreign Affairs Ministry needs to urgently take up the matter in the interest of Nigerians doing business in Ghana and the vision of economic integration in the sub regionâ€ he noted.
Deru also lamented over the recent proposal by government to increase Value Added Tax (VAT) to 10 per cent, adding that businesses are already over-taxed; any increase will further worsen the plight of investors.
He said the chamber is concerned over the increase, unlike in other economies, VAT is not operated as a consumption tax in Nigeria, it is imposed on virtually everything- raw materials, machineries, properties, etc.
The truth, he said, is that
investors pay more VAT than consumer, the Nigerian model of VAT is completely difference from the global model and the argument of harmonizing VAT with other countries in the West Africa sub-region is not tenable, adding that the business operating conditions in those other countries are substantially different from what operates in Nigeria.Â The cost is much higher here than elsewhere and any increase in VAT poses high inflation risk and could further worsen the poverty conditions in the country.