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15.03.2006 Business & Finance

Ghana’s investment law being reviewed

By Statesman

The Ghana Investment Promotion Center is in the process of renewing the Ghana Investment Law in the long term to make it more investor-friendly than the current legal framework. Thus the GIPC is soliciting the views and suggestions of foreign investors in the country to help it fashion an enduring and business promoting law that would attract more investors to the country.

As a first step towards collecting the views of investors, the GIPC organised a forum in Accra yesterday for Indian investors to contribute to the promulgation of a new investor law.

This was disclosed by Ruth Nyakotey, the acting Chief Executive of the GIPC at the forum. “ The GIPC corporate plan has targeted specific countries as investor source countries. I am happy to announce that India is one such country. We are negotiating an Investment Promotion and Protection Agreement with India,” she said. She said the new mandate of the GIPC is based on a hand-holding concept which calls for creating appropriate platforms of interaction to reach out and hold the hands of the investor.

“ The objective of today's interaction is to discuss issues affecting you as investors from India, ascertain problems and challenges facing you as a focused group; and obtain your views and recommendations on necessary changes in the legal and policy and procedural frameworks for investment.”

Mrs Nyakotey noted that it is crucial for the GIPC to influence the design of policies that affect the general environment for investments.

Deputy Minister for Private Sector Development, Moses Dani Baah, assured the Indian business persons of his Ministry's willingness to “collaborate with you in any ways possible for the development of your business and the country.”