Nigeria’s neighbor and long time trading partner, Ghana, has banned the importation of some products into the country.
According to Vanguard, the Ghanaian Minister of Trade and Industry, Ekwow Spio-Garbrah, on Wednesday, said that Ghana and Nigeria account for about 68 per cent of the ECOWAS region’s Gross Domestic Product.
It would be recalled that in a bid to protect the Naira and Nigeria’s falling economy, the CBN had recently prohibited the importation of about 41 items into Nigeria.
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Many believe that Ghana is following Nigeria’s foot steps, while others posit that Ghana is retaliating against Nigeria’s ban on some products from the country- a move which has adversely affected businesses that export their products from Ghana into Nigeria.
Ghana is said to be Nigeria’s largest trade partner within the West African region, with Nigeria accounting for 10 percent of Ghana’s foreign exchange and Ghana being Nigeria’s 9th largest trade partner.
The relationship between both countries has been mutually beneficial, as Ghana is also the largest importer of Nigeria’s oil within the West African sub-region.
