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19.10.2004 General News

Parliament ratifies Investment Incentive Agreement

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Accra, Oct. 19, GNA- Parliament on Tuesday ratified the Investment Incentive Agreement between Ghana and the Government of the United States (US).

The Agreement is to circumvent the double approval process, which currently exist when an investor uses the United States Overseas Private Investment Corporation (OPIC) for investment support.

Presenting the Report of the Joint Committee on Finance, Trade, Industry and Tourism, Mr Eugene Atta-Agyepong, Chairman, said OPIC is a Development Agency of the US Government, which assists businesses to invest overseas thereby expanding economic development in host countries.

Mr Atta-Agyepong said currently, each time an investor uses OPIC's investment support service as an insurer, equity investor or a lender in Ghana, he must seek approval from the Ministry of Trade, Industry and President's Special Initiatives (PSIs) and the Ministry of Finance and Economic Planning, which no doubt was fraught with delays. He said the Committee observed that the Agreement was routine but essential to enhance trade for both countries and its ratification would send the right signal to OPIC that Ghana was really open for business.

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