Trade Minister Hannah Tetteh has justified the new minimum capital required of companies seeking to enter the retail trade. Though the revised GIPC Act is yet to go before Parliament for approval, Joy Business has learnt the capital requirement has been upped from 300,000 to $1 million. The law has in recent years threatened Ghana’s trade relations with Nigeria - whose traders in Ghana believe it is discriminatory and unfair. They also feel it is a deliberate attempt to prevent them from participating in the sector. Madam Tetteh however explains that the objective of the law is to discourage foreigners from entering a sector reserved mainly for locals because of the low capital threshold. She said the government was keen to avoid creating the impression that Ghana is hostile to foreign businesses. Interacting with some journalists Wednesday, the Trade Minister also expressed concern about the rather low volume of exports to India and China in comparison to imports from those countries. She however expressed hope that the Industrial Competitiveness Bill and Industrial Policy will help reduce the trade imbalance. Source: Joy Business/Ghana