Business News of 2014-05-15

GIPC sensitises stakeholders on Act 865

The Ghana Investment Promotion Centre (GIPC) has held a sensitization workshop to educate stakeholders in the Greater-Accra Region on the new investment promotion Act 865 of 2013.

Mr. Isaac Nii Djanmah Vanderpuye, Deputy Regional Minister, in an address said, the sensitization was necessary to provide highlights on the implementation of the New GIPC Act of 2013.

It was an opportunity to engage the Regional Co-ordinating Council, as well as the Metropolitan, Municipal and District Assemblies, to identify for promotion, investment prospects in the Region and in their local communities.

It was also to encourage Ghanaian Businesses within the Region to register with the GIPC, in order to benefit from the incentives provided in the investment Act.

The Deputy Regional Minister further urged prospective and existent businesses to yield to the GIPC’s call for proposals for sponsorship promotion of their projects, in order to attract investments into their communities.

Mr Vanderpuye said participants would be briefed on the opportunities for them in submitting such projects, and also the advantages for going into Joint Ventures.

Mr Kofi Sakyiama Antiri, Director of Research and Business Development of the GIPC, in a presentation said with the new Act, the GIPC is empowered to provide for the creation of an attractive incentive framework and a transparent, predictable and facilitating environment for investments in Ghana.

He mentioned some of its current functions as initiating and supporting measures that would enhance the investment climate in the country for both Ghanaian and non-Ghanaian enterprises.

The Centre, he said was also responsible for collecting, collating, analyzing and disseminating information about investment opportunities and sources of investment capital, incentives available to investors, the investment climate and advice upon request on the availability, choice or stability of partners in joint venture projects.

The GIPC also registers, monitors and keeps records of all enterprises in Ghana, registers and keeps records of all technology transfer agreements, identifies specific projects and prepares project profiles on investments and joint venture opportunities in Ghana, and attracts interested investors for participation in those projects.

It further brings about harmonisation in investment policy formulation through coordination of the activities of all other institutions and agencies among other things, he said.

He indicated that it was important for stakeholders to be knowledgeable of the law and to know how the GIPC operates to secure the needed collaboration and partnership for better investment promotion in Ghana.

According to Mr Antiri GIPC seeks to induce concrete Foreign Direct Investments into Ghana by pursuing the promotion of direct partnerships between local and foreign investors as well as promoting specific investment projects on the international market.

He said the Centre currently provides direct promotion support to identified local investment projects for sponsors to solicit international as well as local investment collaborations.

He therefore stressed on the need for local businesses to register with the GIPC in order for them to benefit from the incentives and guarantees that were enumerated in the GIPC Act 865. He also said unlike previously, the new Act specifies clearly the offenses and penalties for flouting the law.

He encouraged local businesses and prospective ones to submit their executive business plans to the GIPC for assistance and promotion to attract investment and partnership for the better development of the country.