GIPC to promote growth of local businesses

The Ghana Investment Promotion Council (GIPC) has explained that the centre is not only interested in Foreign Direct Investment but is also seriously interested in promoting Ghanaian businesses to attract investment and grow the economy.

“Our mission is to attract private domestic and foreign investments and to transform Ghana into a broad-based industrial and export-led economy through aggressive investment promotion activities,” said Mr. Isaac Ebo Newton, an Official of GIPC.

Speaking at a general meeting of the Sekondi-Takoradi Chamber of Commerce and Industry (STCCI), he explained GIPC is providing direct promotion support to identified local investment project sponsors to solicit international as well as local investment partnerships.

“He cited the centre projecting expansion of the Takoradi Port to attract investors as one of the core businesses of GIPC -- we want to create wealth for our country and for the wealth to stay,” he said.

He said in line with promoting local investment, local Ghanaian businesses are encouraged to register with the centre free of charge and benefit from the incentives enumerated in the GIPC Act 478.

“The main forms of business organisations operated in Ghana by approximate order of importance are: private and public limited liability companies (LLCs); branches of foreign companies; partnerships; sole proprietorship, companies limited,” he said.

He said there is a need for local businesses to register with the centre; however, he explained that the centre does not register sole proprietorship. “We are interested in registering limited liability companies and external companies -- a sole proprietorship can be changed to a limited liability company,” he said.

He said for it to be change at the Registrar Generals Department, the sole proprietorship must first be renewed to date; a letter of cancellation of the said enterprise is then presented to the registrar with the original certificate of registration and form A for cancellation.

He explained that the purpose of cancellation is to enable the same company to be registered or converted into a limited liability company -- applicants must purchase limited liability forms, fill them appropriately and submit them to the Registrar with required fees duly paid.

He explained that a limited liability company by its registration acquires a legal personality separate from its owners. It can therefore sue and be sued, and as well has the power to make contracts among others.

“A limited liability company continues to exist even when its members or officers die or cease to associate with it; and unlike the partnership and sole proprietorship, the limited liability company does not die merely because the owner(s) ceases to be,” he added.