Business News of 2014-04-05

U/E, U/W regions register zero Ghanaian-owned projects in 3yrs

The Ghana Investment Promotion Council (GIPC) has for the last three years failed to register even a single wholly Ghanaian-owned project in the Upper East and Upper Western regions.

The Brong Ahafo region registered one of such projects with the GIPC while the Northern region had three projects registered between 2011 and 2013.

The Chief Operating Officer of the GIPC, Dr Peter Ankrah explained at a workshop in Cape Coast that the GIPC Act, 2013, Act 865 re-established the reviewed minimum equity capital that non-Ghanaians will have to invest in the country to be accorded investor status from 10,000 dollars to US200,000 for a joint venture with a Ghanaian having not less than 10 percent shares.

Minimum equity capital for 100 percent foreign-owned enterprises in Ghana is now US500,000 dollars while a foreign investor needed US 1,000,000 and 20 employed skilled Ghanaians to invest in trading activities.

Continuing on the number of registered businesses, he said the Volta region registered five projects with the GIPC in 2011 but has not registered any wholly Ghanaian-owned projects in the region in the last two years.

Of the 264 wholly Ghanaian-owned projects registered with the GIPC between 2011 and 2013, 199 of them were registered in the Greater Accra region alone.

The Central Region had eight projects, Eastern, 11, Western, 13 while Ashanti region had 24 projects registered with the GIPC over the period.

He said the GIPC believes there could be more investments in the regions, however it is worried with the distribution trend and had therefore embarked on sensitization workshop in some regions to engage the Regional Coordinating Councils and the Metropolitan, Municipal and District assemblies on how to attract investments to the regions and districts.

He indicated that activities reserved for Ghanaians have increased from four main activities to eight.

He said the GIPC has implemented many investment incentives, benefits and guarantees as well as tax holidays under the new Act to attract investors to all corners of the country.

On the Central region, Dr Ankrah said the region had recorded 111 projects registered with the GIPC since 1994 while 16 other projects had been identified for support.

He urged all especially the district assemblies to work harder to attract investments and change the well-being of the people in the region.

The Omanhen of the Oguaa Traditional Area, Osabarimba Kwesi Atta II who chaired the function, called for more sensitization of available investment opportunities to help attract investors and improve on the unemployment situation in the region.

The forum called for offices in all the regions and the districts to further educate potential investors on how to engage the GIPC in project promotion and development.