GIPC reviews laws to attract huge investments

Business News of Friday, 14 July 2017

Source: citibusinessnews.com

2017-07-14

Mr. Yofi Grant 900x520CEO of the GIPC, Yofi Grant

The Ghana Investment Promotion Centre (GIPC) has commenced processes to review its laws to guide existing and new investments into the country.

The GIPC contends that there is the need to adjust the country’s laws to meet the modern investment trends.

According to the CEO of the GIPC, Mr. Yofi Grant, the government’s efforts to attract more investments into the country may not be wholly fulfilled if the necessary environment is not created for the businesses both local and foreign.

Mr. Yofi Grant who spoke to journalists on the sidelines of an interaction with some major stakeholders in the investment sector added that the inputs will also inform future discussions with Ghana’s investment partners.

Among the areas likely to be reviewed are the ease of doing business; i.e. registration, signing of contracts, etc.

“There are many areas that need reforms including the ease of doing business. There is also the ease of registration, ease of dealing with commercial cases in court, the ease of signing a contract and letting them happen, ease of hiring and firing among others. Those are things that most investors are looking out for anyway and will create a better business environment,” the GIPC CEO stated.

Mr. Grant added, “The ability to access land for your business how easy it is and so there is significantly large program going on to reform the land administration project and make it successful…even on environment and sanitation those are very important things, what rules do we have for communities to come up. Will we allow people to sell by the road side or will we provide them with marke.”

The GIPC is targeting to attract 5 billion dollars worth of investments into Ghana in 2017.

For the first quarter of this year, total Foreign Direct Investments (FDIs) recorded amounted to 2.9 billion dollars.

Meanwhile Mr. Yofi Grant tells Citi Business News the necessary recommendations by stakeholders will be presented to cabinet for action.

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