GIPC inaugurates task force to monitor non-Ghanaian entrepreneurs

Accra, July 15, GNA - The Ghana Investment Promotion Centre (GIPC) on Wednesday inaugurated a 12-member National Task Force, to monitor the activities of non-Ghanaian entrepreneurs to ensure that they comply with the country's investment regulations.

The task Force will also help to prevent foreigners from engaging in illicit or unapproved investment activities.

The inauguration of the Task Force followed reports from certain sectors of the Ghanaian business community, particularly the Ghana Union of Traders Association (GUTA) that some foreign investors/traders were flouting the country's investment laws.

The union alleged that some investors either did not register their investment at the GIPC as required under the GIPC Act 1994 (Act 478) before commencing operations or register under the Act but do not comply with the provisions stipulated in the Act for their registration. GUTA claimed that some foreign traders evade the payment of taxes and also abused the country's employment regulations. The Task Force is made up of representatives from the Customs, Excise and Preventive Service, Ghana Immigration Service), Social Security and National Insurance Trust, Internal Revenue Service, Value Added Tax Service, GUTA, Ministry of Trade and Industry, Registrar General's Department and the GIPC.

Mr George Aboagye, Chief Executive Officer of GIPC, said while the Centre would continue to encourage and promote investments in the country, it would not condone the flouting of the country's laws. He said the GIPC Act 478 reserved to Ghanaians the right to sell all manner of goods.

However, non-Ghanaians could qualify to participate in the trading sector if they provide at least 300,000 dollars in cash or goods as the initial equity capital investment.

Besides, foreign oriented enterprise permitted to operate in the trading sector must also ensure that it employs a minimum of 10 Ghanaians.

Mr Aboagye said the GIPC Act was being revised in line with current economic and investment environment and to empower Ghanaians to take more active and prominent roles in economic growth. A distinctive feature of the Act is the expansion in activities reserved for Ghanaians or majority owned Ghanaian companies and also clearer and stricter definitions of concepts such as market to forestall ambiguities in interpretation and application. Mr Aboagye expressed the hope that the passage of the proposed legislation would go a long way to address the concerns of the Ghanaian businesses.