GIPC optimistic revised Act would meet investors’ expectations

The Ghana Investment Promotion Centre is optimistic the revision of its Act regulating investments would meet the expectations of its stakeholders.

The GIPC Act of 1994 is currently undergoing a review to make it more relevant to current trends.

The document is currently before cabinet for consideration before going to parliament for approval.

One of the provisions that have been reviewed is the minimum capital required of foreigners wishing to venture into the retail trade.

It has been revised upwards to a million dollars from 300 thousand.

The clause has proven quite controversial and has threatened trade relations with Nigeria whose traders describe it as discriminatory and unfair.

But GIPC Chief Executive George Aboagye disagrees.

He said the review of Act 478 was necessary to encourage Ghanaians to participate in investment in the country.

The revised act is also intended at making it mandatory for foreign manufacturing firms operating or coming into the country to source at least forty percent of their supplies locally.



Source: Joy Business/Ghana