Business News of 2014-03-15

GIPC vows to enforce new Investments Act

The Ghana Investment Promotion Center (GIPC) says it will enforce new laws covering investments in Ghana to the letter in order to protect indigenous investors.

The new investment act came into force last year to streamline investments into the country and ensure that Ghana benefits from foreign capital attracted into the country.

However, there have been concerns by analysts that enforcement of the new laws will be a major hurdle.

But Speaking to JOYBUSINESSS at a meeting with various interest groups on the new GIPC Act, Chief Executive, Mawuena Trebah, said the Ghanaian interests would be protected.

The new GIPC act raised the minimum capital required to do business in Ghana for foreigners to one million dollars from 300 thousand dollars, while the sectors like, petty trading and local pub business have been reserved for Ghanaians.

"I think that there are various elements in the new legislation that are seeking to ensure that there is greater efficiency in ensuring how the law is executed. There is very specific reference to monitoring as an element of the mandate of the Centre", she said, adding that GIPC will not relent in its efforts to enforce these elements to the letter.

She said GIPC will focus more on domestic and regional investment promotions this year.

The move has been influenced by the decline in foreign investments through the centre for last year.

According to the Centre, report on last year's foreign direct investments indicated a decline by 19 per cent - from 4.9 billion dollars from 3.9 billion dollars.

But Mawuena Trebah assures the approach to attracting foreign investments would change this year.

She further revealed that GIPC will use regional sensitization tools to engage with regional administration and focus on branding areas with investment potential in the country.

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