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Rightminds

Nigerians Stop Wailing, Ghana Did Nothing Wrong By Shutting Dow Your Shops

Ghana Investment Promotion Centre, (GIPC) Act 865

27. ACTIVITIES RESERVED FOR GHANAIANS AND GHANAIAN OWNED
ENTERPRISES

(1) A person who is not a citizen or an enterprise which is not wholly owned by citizen shall not
invest or participate in—
a. the sale of goods or provision of services in a market, petty trading or hawking or selling
of goods in a stall at any place;
b. the operation of taxi or car hire service in an enterprise that has a fleet of less than
twenty-five vehicles;
c. the operation of a beauty salon or a barber shop;
d. the printing of recharge scratch cards for the use of subscribers of telecommunication
services;
e. the production of exercise books and other basic stationery;
f. the retail of finished pharmaceutical products;
g. the production, supply and retail of sachet water; and
h. all aspects of pool betting business and lotteries, except football pool

28. ENTERPRISES ELIGIBLE FOR FOREIGN PARTICIPATION AND MINIMUM FOREIGN CAPITAL REQUIREMENT

(1) A person who is not a citizen may participate in an enterprise other than an enterprise specified in section 27 if that person

a. in the case of a joint enterprise with a partner who is a citizen, invests a foreign capital of
not less than two hundred thousand United States dollars in cash or capital goods
relevant to the investment or a combination of both by way of equity participation and the partner who is a citizen does not have less than ten percent equity participation in the
joint enterprise; or
b. where the enterprise is wholly owned by that person, invests a foreign capital of not less
than five hundred thousand United States dollars in cash or capital goods relevant to the
investment or a combination of both by way of equity capital in the enterprise.
(2) A person who is not a citizen may engage in a trading enterprise if that person invests in the
enterprise, not less than one million United States dollars in cash or goods and services
relevant to the investments.
(3) For the purpose of this section, “trading” includes the purchasing and selling of imported
goods and services.
(4) An enterprise referred to in subsection (2) shall employ at least twenty skilled Ghanaians.
(5) The minimum foreign capital requirement of this section shall not apply to the foreign spouse
of a citizen of Ghana to the extent that
a. the foreign spouse is or has been married to a citizen of Ghana for a minimum period of
five years continuously or holds an indefinite resident permit prior to registration of an
enterprise;
b. the marriage has been duly verified as having been validly conducted; and
c. the foreign spouse is ordinarily resident in Ghana.
(6) A citizen of Ghana who loses the citizenship by reason of the assumption of the citizenship of another country shall not be required to comply with the minimum capital requirement of this
section.

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Rightminds

21.7 Million Nigerians Are Now Unemployed - Says NBS

The National Bureau of Statistics (NBS) says 21.7 million Nigerians are now unemployed.

According to its Labour Force Statistics report released on Monday, the number of unemployed Nigerians went from 20.93 in 2018 to 21.76 million in the second quarter of 2020.

This means more than 17 million Nigerians have become unemployed since December 2014, while the total working age population has grown by almost the same number in those six years.

For the first time in the history of the revised NBS unemployment reports, the number of people in the labour force willing to work dropped.