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Regional News Mon, 17 May 2010

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Central Regional taskforce formed to check foreign businesses

Cape Coast, May 17, GNA - A Central Regional taskforce, to check foreign business entities, flouting Ghana's investment laws, has been formed.

Mr. George Aboagye, Chief Executive Officer of Ghana Investment Promotion Centre (GIPC), who announced this, said that GIPC had received reports of foreign investors and traders flouting Ghana's investment laws. He was speaking at the inauguration of a nine-member taskforce for the Central Region, charged to monitor activities of foreigners in the trading sector, in Cape Coast.

The taskforce is made up of representatives of the Ministry of Trade and Industry, Customs Excise and Preventive Service, Ghana Immigration Service, Internal Revenue Service, Value Added Tax, Registrar General's Department, Social Security and Insurance Trust and GIPC. The National Chairman of the taskforce, Mr. Pious Addai said the group would enforce Ghana's investment laws and monitor activities of foreign investors.

Mr. Addai said that "the GIPC Act 478 does not bar non-Ghanaians from operating in the trading sector provided they make an initial equity capital investment of at least $300,000.00 in either cash or goods and employ a minimum of 10 Ghanaians."

The Central Regional Minister, Mrs. Ama Benyiwa-Doe said the inauguration of the taskforce was timely and charged it to work arduously to streamline the activities of investors who do not comply with the GIPC Act. She promised to support taskforce to ensure that investment laws were adhered to since tax evasion has serious impact on the country's development.

Madam Rebecca Forson, a Domestic Science Bursar at Wesley Girl's Senior High School, who inaugurated the taskforce, advised the members to be diligent and firm in the discharge of their duties. 17 May 10

Source: GNA

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