Revised Investment Law to come into force before the end of this year
The revised Ghana Investment Promotion Center Act is expected to come into force before the close of the year.
The law seeks to better help with the regulation of investments in the country.
The GIPC Act of 1994 which regulates investment activities has been undergoing some review over the years to make it more relevant.
One of the highlights of the revised act is making it mandatory for foreign manufacturing firms operating or coming into the country to source at least forty percent of their supplies locally. The act has also settled on a million dollars as minimum capital requirement for foreigners wanting to engage in retailing. Chief Executive of the Center George Aboagye is optimistic the revised act would enhance investments in the country.
“I believe that it would be in parliament by the next opening for the process of discussion to start. From the GIPC and Attorney General's perspective, we've finished with our work and so the final decision is with parliament.
All things being equal the debate should have been completed in parliament and would be with the president for ratification” he explained.
He also talks about other areas the act will focus on.
“Empowering Ghanaian entrepreneurs to be able to have larger share and ownership of the economy and also encouraging businesses from abroad to feel comfortable in doing business here. Also is the increase in the minimum capital for doing business in the retail markets which is critical to reserve certain aspects of the economy for Ghanaians” he concluded.
Story by Ghana / Joy Business / Emmanuel Agyei / George Wiafe