Takoradi May.14, GNA- Government is implementing measures to ensure that Ghanaians fully benefit from the investment potentials of the country while it woos foreign investors to augment the efforts of the local people, Mr. Paul Evans Aidoo, Western Regional Minister has said. In Pursuant of this policy, a number of measures have been put in place to push the private sector to lead in the economic growth being envisaged. In an address read for him by Mr. Mark Addo, a Director at the Western Regional Coordinating Council (RCC), Mr. Aidoo said unfortunately, some foreign investors and traders deliberately flout the country's investment laws and some do not even register their investment at the Ghana Investment Promotion Council (GIPC) as required under the GIPC Act before the commencement of operations.
Mr. Addo had inaugurated the Regional Nine-Member Task Force on Trade and Investment at Takoradi on the Minister's behalf. He said when they even register under the Act, they do not comply with its provisions as some evade the payment of taxes and also abuse the country's employment regulations while others venture into areas reserved for indigenes.
He said the inauguration of the committee was another milestone in the effort to create an enabling environment and an honest and sincere business community that would usher the country into economic growth and prosperity He said: "These and other activities of foreign investors constitute blatant disregard of our country's laws and the irony of this situation is that most of these activities occur under the very noses of our security agencies" "Sometimes, these laws are broken with the connivance of our law enforcement agencies as well as the very citizens whose interest the government seeks to protect".
Mr. Aidoo hoped men and women of high moral integrity and sincerity have been selected to constitute the Task Force to ensure that the country's investment regulations were respected and complied with by all foreign investors.
He said for the work of the task force to be effective, the members should be committed and transparent in whatever they do to avoid corruptible influences, be vigilant and work with common purpose and unity. Mr. Aidoo said the oil find in the region has brought serious socio-economic challenges and it is the responsibility of the task force to safeguard the interest of the country against any personal and parochial interest.
He said in ensuring that the country's laws are complied with, investment registration processes must be devoid of delays and frustrations and if possible, resort to the use of internet for such registration. Mr. George Aboagye, Chief Executive Officer of the GIPC, said under the GIPC Act petty trading, hawking or selling from kiosk at any place is wholly reserved for Ghanaians but does not bar non-Ghanaians from operating in the trading sector whether wholesaling or retailing provided they make the initial equity capital investment in cash or goods of at least 300,000 United States dollars.
He said a foreign-oriented enterprise permitted to operate in the trading sector has a responsibility to employ a minimum of 10 Ghanaians and reports indicate that some foreign investors and traders are flouting these provisions of the Act Mr. Aboagye said the task force is to monitor the activities if non-Ghanaians investors and traders and ensure that investment regulations are complied with.
He said the GIPC Act is being revised to take cognizance of the current economic and investment environment and the draft Act seeks to empower Ghanaians to take active and prominent roles in the country's economic growth. 14 May 10
