Ghana Embassy in Rome and GIPC woo
Italian investors to Ghana
Ghana Embassy in Rome in collaboration with the Ghana Investment Promotion Centre (GIPC) organised an Investment Promotion Business forum in the form of Ghana-Country Presentation in Rome and Milan on 17th and 18th respectively. The fora were aimed at showcasing the investment potentials in Ghana to prospective investors in Italy.
The Rome forum which was formally opened by the Honourable Ministers for Foreign Affairs of Italy and Ghana, Dr. Franco Frattini and Alhaji Muhammad Mumuni in Rome on 17th May 2011 was well attended by over 300 industrialists, company representatives, co-operate bodies, bankers and individual entrepreneurs. Present were Mrs. Rosa Anna Coniglio Papalia, Director for Sub-Saharan African Countries at the Italian Foreign Ministry, other staff of the Department, Ghana’s Ambassador to Italy, Her Excellency Mrs. Evelyn Anita Stokes-Hayford, and the Embassy staff and the delegation of GIPC headed by its CEO, Mr. George Aboagye.
In his opening remarks, the Italian Foreign Minister indicated that Ghana and Italy share common values of ensuring the maintenance of peace and security in the world, believing in political and economic freedom and commitment to regional integration. He intimated that Ghana with its strong institutions, economy and well established democracy, was an indispensable partner for Italy in Africa. He averred that several Italian companies have long been present in Ghana and some have significantly contributed to the infrastructural development of the country. However Italy believed that it could do even better, saying that the forum was a response to the desire to see more Italians investing in Ghana’s priority sectors of development such as energy, infrastructure, information technology and financial services.
The Ghanaian Foreign Minister in his statement stated that Ghana and Italy had a long history of fruitful cooperation dating back to Ghana’s independence era. The relations, he said had blossomed into a dynamic one spreading into several areas of mutual interest including the newly discovered gas and petroleum sector. Ghana, he pointed out, has enjoyed a stable multi-party political environment for almost two decades with continuous macro-economic stability and investors would not regret doing business in the country.
The Chief Executive Officer of GIPC, Mr. George Aboagye who took the participants through the presentation with graphic illustrations, comprehensively sold a compelling story about Ghana - enough to convince any investor to invest in the country. He disclosed that Italy was playing a key role in Ghana’s infrastructure development, particularly, in the energy and construction sector. His lists of investment opportunities touched on Oil and Gas services, Energy, Infrastructure, Agriculture, Manufacturing, Tourism, ICT and Financial Services. Ghana, he said, registered a total of 3,706 projects between September 1994 and March 2011 valued at about US$16billion whilst a total of 106 Italian registered investments between the same periods were over US$174 million.
He mentioned far reaching incentives available to investors. For example (i)tax holidays ranging from 5-10 years depending on the sector, (ii) automatic immigrant quota depending on paid-up capital, (iii) accelerated depreciation for plant and building, (iv) five-year loss carry-over and R&D expenditure deductibility, (v) relief from double taxation for foreign investors and employees (where applicable). These were some of the investment incentives designed by the government of Ghana to attract investors to invest in the country.
Furthermore, the CEO of the GIPC made it known to the participants that investors coming to invest in Ghana can have full repatriation of dividends and net profits attributed to investment; transfer of funds in respect of servicing of foreign loans; guarantee against expropriation (also enshrined in the Constitution of Ghana); and remittance of proceeds in the sale on liquidation of investment.
Two Italian investors already doing business in Ghana, one of them Mr. Stefano Ramella who has been operating business in Ghana since 1974, spoke about his vivid experiences in the country and urged his other Italian investors to go and invest in Ghana. Participants at both meetings were able to ask questions and received favourable responses from the GIPC Chief.
After the Forum in Rome, the delegation of GIPC officials headed by its CEO, Mr. George Aboagye, Ghana’s Ambassador to Italy, Her Excellency Mrs. Evelyn Anita Stokes-Hayford, Mr. Charles Baah (Minister and Head of Consular Section at the Ghana Embassy in Rome) and Mr. Simon Atieku (Political and Economic Officer at the Ghana Embassy in Rome) organised a similar event at the Conference hall of Assolombarda in Milan, the commercial centre of Italy in the Lombardia Region the following day, 18th May, 2011.
Contact: The Chief Executive Officer
Ghana Investment Promotion Centre (GIPC)
Postal Address: GIPC, P.O. Box M193
Ministries, Accra – Ghana
Location: Public Services Commission Building
Ministries, Accra – Ghana
Tel: +233 302 665125-9
Fax: +233 302 663801
E-mail: info@gipcghana.com
gaboagye@gipcghana.com
Website: www.gipcghana.com
