Ghanaâ€™s invesment law under review
The Ghana Investment Promotion Centre says it is still reviewing the nation's investment laws to link all sectors of the economy and also conform to modern principles that will benefit the country.
The review is expected to deal with all inefficiencies and irregularities experienced in Ghana's investment activities. It will also address the difficulties brought by the influx of illegal foreign operators into the country's retail sector.
The Statesman has been informed that stakeholders in the oil industry have teamed up with legal experts and government to prepare a draft document on oil to be integrated into the nation's investment laws. This will clearly stipulate Ghana's investment requirements in the relation to oil exploration, distribution, and marketing by foreign and local firms.
Sources regard this as part of the effort to make oil a blessing rather than a curse in Ghana.
A well crafted investment law on oil exploration, development and export, officials say, will promote transparency, trust, good governance and improved living conditions among Ghanaians.
The law is expected to create opportunities for Ghanaian businesses to be involved in exploration, distribution and retailing areas to help boost the micro-economy.
It is believed that the oil discovery will soon change the investment drive of the country with more funds diverted to the western and central corridors of the country instead of Greater Accra.
The Western Region is expected to split investment opportunities with Greater Accra or surpass it in terms of investments in the real estate, banking and finance, construction agriculture and tourism sectors.
With the availability of a seaport in the region, and the likely springing up of new oil refineries, the Western Region is set to be the new business hub of Ghana.
In the first quarter report of the GIPC, the region recorded only one out of about 90 projects as against Greater Accra which had 79 projects representing 85.9%. The trend, experts say will change soon when oil exploration begins in the region.