GIPC open to issuing ‘Green Cards’ to foreign investors at $5 million

Business News of Tuesday, 9 May 2017

Source: Myjoyonline.com

2017-05-09

Yoofi Grant GIPC BossYoofi Grant, GIPC Chief Executive

The Ghana Investment Promotion Center (GIPC) is looking at offering citizenship or a ‘Green Card’ to foreign investors in return for capital.

Chief Executive of the Center Yoofi Grant who disclosed this to JOYBUSINESS’s George Wiafe in Washington DC said the move is part of several reforms that the Center is implementing to improve investment into the country.

He added that it is part of several options being considered to help improve capital attraction in Ghana.

This is also part of the Centre’s four-year plan to make Ghana the best place to do business and most investment friendly country in the sub-region.

Mr. Grant said, “on one side we would be pushing investment attraction and on the other side we will be marketing the country and advocating for reforms”.

The Center is also considering some sought of tax reliefs for these investors to help make the country the most competitive in Africa.

Reviewing current investment laws

Mr Grant is also looking at the option of reviewing the current laws that stop foreign businesses from operating in some aspects of the economy.

According to the Center, current development’s around the world warrants a review of these laws to ensure that the country does not lose out.

The investment expert noted, “ I would rather prefer is to have a lot of investments, where are our people can then participate in the value chain of production. So when goods are produced here in the country, our people can go and buy and sell.”

He believes the time has come to review the laws and consider what is best for Ghanaians, rather than allowing them to just to focus on import and exports.

The Center is planning to establish a one stop shop for all investment related activities, to improve capital attraction in the country.

GIPC will also be looking at a 10-year tax-free for firms that establish a regional hub in the country.

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