Delay in registration of companies unacceptable - Ahwoi

Accra, May 17, GNA - Mr Kwesi Ahwoi, Minister of Food and Agriculture, on Saturday said delays in the registration of companies at various government agencies were unacceptable and that government would work to facilitate transactions at these points. Mr Ahwoi, who was reacting to a complaint by a Chinese businessman, at a forum organised by the Ghana-China Friendship Association (GHACIFA) on the theme; "Doing Business in Ghana in a Friendly Way", challenged investors to take agencies that delayed the registration of their companies to court.

Mr Ahwoi, a Former Head of Ghana Investment Promotion Council (GIPC), said the theme of the forum fell in line with the government of Ghana's quest to deepen relationships with its development and business partners in order to increase the benefits from such relationships. He observed: "In the drive to better the living standard of our people, it is of absolute importance for us as a nation, not only to do business with our friends but to do this business in a friendly win-win way that will keep all partners satisfied, motivated and desirous of doing even more business."

Mr Ahwoi said Ghana needed to position herself to be able to join the battle and attract her due share of global investments by creating the right conditions for investment including openness of the economy; maintaining microeconomic stability to reduce uncertainties and distortions and operating under the rule of law. Others are a well functioning, effective, transparent and predictable regulatory framework devoid of arbitrariness; minimizing if not eradicating corruption; and prudent management of windfall gains, especially from natural resources such as oils. The rest are efficient infrastructure, financial and business support services; quality institutions and adequately educated and quality labour force; capability to absorb enhanced technology; competitive domestic market and the ability to adjust to environmental and social standards.

Mr Ahwoi said even though Ghana's investment regime has been acclaimed as one of the most liberal and transparent in the West Africa Sub-Region; global and domestic developments had made it necessary to review the GIPC Law -Act 478; Ghana Free Zone Law -Act 502; The Minerals and Mining Law of 1986; and the Petroleum Law of 1984. He said the review, which had started, aimed at deepening the transparency and predictability of these enabling legislations and called on investors and the general public to participate in the ongoing reforms.

Mr Ahwoi drew attention to what he described as disturbing trends that have of late characterised Ghana-China business dealings such as supplying goods with wrong specifications; overpricing of goods and services; outright swindling or fraud; registering manufacturing companies but engaging in trading and Ghanaians fronting for their Chinese counterparts.

He stressed the need for Ghana-China business relationships to be built on trust and friendship rather than suspicion and urged business partners to engage the services of qualified advisors such as lawyers, accountants and other professionals during business negotiations. Mr Ahwoi invited Chinese investors to venture into agro-processing, saying that out of about 383 Chinese businesses in Ghana only 10 were into agribusiness.

Mr Yu Wenzhe, Chinese Ambassador to Ghana, said China has become the largest investor in Ghana in terms of number of companies, noting that many Chinese companies in Ghana have been living up to their social responsibilities.

Mr Kojo Ammo-Gottfried, President of GHACHIFA, said the founders of the Association believed that Ghana as a developing country had much to gain from China by forging close relations between the peoples of both countries.