GIPC boss speaks on Investment Forum

Accra, Nov. 20, GNA - The withdrawal of the minimum amount required by investors to set up projects in Ghana might not be in the best interest of the country, Mr Kwasi Abeasi, Chief Executive of the Ghana Investment Promotion Centre said on Thursday.

Addressing a press conference on the outcome of the Investment Forum, Mr Abeasi said although the current minimum requirements had outlived their usefulness, they would only be scraped if alternative way of screening out investors is found.

The investment code currently pegs a minimum of 10,000 dollars and 50,000 dollars for projects involving local and foreign entrepreneurs respectively.

However, he said, GIPC will stick to the requirement in the interim, while a review mechanism is put in place to meet modern investment trends.

On the Forum, Mr Abeasi said, in all 250 one-on-one meetings were arranged between participants.

There were also site visits to the Tema Port, Free Zones Site, AGOA Garments Training Centre and the Ayensu Starch Factory, among others.

Mr Abeasi said besides, seven letters of intent were received, 20 other letters had also indicated their firm position to invest in the country.

"Some participants have also extended their stay to go into full discussions with their partners. Indeed indications are that many projects would materialise from the forum," he said.

Mr Abeasi said the GIPC is working around the clock to establish an investor tracking system to enable it to do follow-ups on pledges and commitment made by participants.

There are also plans to establish GIPC offices in the regional capitals to bring investment to the doorstep of the local entrepreneur.

Mr Abeasi said the centre would, from next year adopt a mixed format, involving a forum for local investors and another for foreign investors to be able to have a fair share of investment from both sources.