Local businesses must develop company profile – GIPC

Thursday 3rd April , 2014 3:18 pm

gipcThe Chief Operating Officer of the Ghana Investment Promotion Council (GIPC), Dr. Peter Ankrah has advised local businesses to develop company profiles and call cards, to make it easy for international companies to access their businesses.

He said the lack of brief company profile, complimentary cards, inaccurate information on project sponsors, lack of negotiation skills coupled with challenges in determining true value of projects, have been some of the challenges the Council was facing in linking local businesses to international partners.

Dr. Ankrah made the call at the Regional Sensitization Workshop for businesses on the new GIPC Act 2013, ACT 865.

The new GIPC Act 856 mandates the Centre to promote and monitor investment in all sectors of the economy.

On procedures for establishing enterprises, Dr. Ankrah said the new Act requires partners to have $200,000 capital in joint ventureship, while solely owned foreign companies would require $500,000.

He said buying and selling would require 1,000,000 dollars with 20 of the workforce being Ghanaians adding that the new Act reserves eight areas for Ghanaian businesses, and these are the sale of goods, or provision of services in a market, petty trading or hawking and selling of goods.

Others are the operation of taxi or car hire service in an enterprise that has a fleet of less than 25 vehicles, operation of beauty salon or barbering shop, the printing of recharge scratch, the production of exercise books and other basic stationery.

The rest are the retail of finished pharmaceutical products, the production, supply and retail of sachet water, all aspect of pool betting businesses and lotteries.

Dr. Ankrah called on all business to be part of the GIPC, to enable them to enjoy the business and investment opportunities saying, “the GIPC is ever prepared to assist in the development of any specific projects or businesses you may wish to undertake now or in the new future.”

Source: GNA