GIPC to be transformed into Economic Development Board
As part of long term measures to increase investment potential in the country, Chief Executive of the Ghana Investment Promotion Centre (GIPC), Yofi Grant, has hinted plans to transform the Centre into an Economic Development Board (EDB).
According to him, this will enable the Centre to take certain key economic decisions for the country.
He made the disclosure in Accra when interacting with public sector stakeholders on some regulations of the GIPC.
He also used the opportunity to highlight some reviews made to the Investment Promotion Act which came into force this year.
Some specific issues raised during the interaction included the plans by the Centre to study the existing capital requirement for foreign investors in order to review.
Under the Act, a minimum equity capital of not less than US$200,000 in cash or capital goods is required from any foreign investor who intends to enter a joint venture partnership with a Ghanaian, who does not have less than 10% equity participation.
Where the investment is wholly owned by the foreign investor, a capital of not less than US$500,000 in cash or capital goods is required in any area of economic activity, except trading.
In trading, the minimum equity capital requirement is US$1,000,000.
The requirement, according to Yofi Grant, has been a hindrance to its quest to attract more investors for the country.
This is said to be one of the incentives by the Centre to attract Foreign Direct Investment, FDI.
Yofi Grant also disclosed that many of the policies initiated by the current government have begun yielding results for the economy.