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31.03.2006 Regional News

Minister appeals to assemblies to assist local investors

By GNA

Takoradi, March 31, GNA - Mr Joseph Boahen Aidoo, the Western Regional Minister, has appealed to district assemblies to look for ways of assisting and promoting local investors.

He made the call in an address read for him at a one-day seminar on investment promotion for the business community organised by the Ghana Investment Promotion Centre (GIPC) in Takoradi. The seminar was aimed at briefing the participants on investment procedures, regulations, opportunities and incentives in various sectors of the economy.

Mr Aidoo said district assemblies could create enabling environment and support young people to develop entrepreneurial skills. He said it was for this reason that the assemblies are being assisted to identify at least three business opportunities each in which they enjoy a comparative advantage and to market them and assist their people to tap those opportunities.

Mr Aidoo said the country's education system should be fashioned in such a way that young people especially those from tertiary institutions would be business minded.

He said the Capital Trust Fund has been set up to support anybody who wants to go into private business.

Mr Kwodwo Filson, the Deputy Director of GIPC in-charge of the Promotion Division, said a new Tourism Law, Legislative Instrument (LI) has been enacted to encourage entrepreneurs to invest in the tourism sector.

He said the law was gazetted on November 18 and came into force on February, adding it would be officially launched soon and implemented by the GIPC.

Mr Filson said the law would offer incentives to entrepreneurs who invest in tourism such as star rated hotels and resorts as well as provision of conference facilities and restaurants.

He said the incentives include tax holidays, exemption from the payment of import duties and Valued Added Tax and that those who would abuse or misuse these incentives would be sanctioned.

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