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24.10.2007 Business & Finance

GIPC Sets Up Financial Services Committee

By Daily Guide

The Ghana Investment Promotion Center (GIPC) is in the process of setting up a financial services committee to assess how best to tap huge foreign investment into the country.

The move, according to the investment center, would aim at enhancing the investment image of the country.

Following an oversubscription of the nation's sovereign bonds on the international market and the setting up of an offshore banking destination in Ghana, analysts say the investment drive in the country can go higher.

Last month, Ghana embarked on a road show in Europe and the United States to seek an amount of $750 million dollars in sovereign bonds to finance various projects in the country.

Chief Executive of the GIPC, Robert Ahomka-Lindsay told CITY&BUSINESS GUIDE that the role of the financial services committee will be to go out onto the international scene to bring in huge investments running into millions of dollars to boost the country's already thriving macro economy.

According to him, GIPC's responsibility is to bring in investments.
“We are therefore waiting for the Central Bank to come out with the members and then will task them to move into action and bring in the investments,” he added.

“Our target is for them to secure several million of dollars.”
“We want to establish our image on the international scene when it comes to attractive destinations to do business.”

The Ghana Investment Promotion Centre (GIPC) was re-established in 1994 under the Ghana Investment Promotion Centre Act (Act 478), with the objectives of encouraging and promoting investment in the Ghanaian economy as well as the co-ordination and monitoring of all investment activities under Act 478.

Currently, the GIPC investment law is under review and is expected to be ready any moment from now.

By Charles Nixon Yeboah

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