Business News of Sunday, 30 July 2017
Ghana Investment Promotion Center(GIPC) has appealed to stakeholders in the private and public sectors to make recommendations on the review of the GIPC Act 2013 (Act 865).
The center has assured that it will subsequently undertake the necessary processes towards the laying of a Bill in Parliament, if necessary. This was contained in a press Statement copied to Citi Business News.
Below is the Press Statement
The Ghana Investment Promotion Centre (GIPC) is a Government agency, responsible under the GIPC Act, 2013 (Act 865) for the encouragement and promotion of investments in Ghana, to provide for the creation of an attractive incentive framework and a transparent, predictable and facilitating environment for investments in Ghana.
A comprehensive review of GIPC legislation was undertaken several years ago leading to the repeal of the GIPC Act 1994 (Act 478) and the passage of Act 865 in 2013. After three plus years of implementation, it has become necessary for the GIPC to:
1. assess effectiveness of the revised law,
2. make any necessary amendments to develop the Ghanaian economy through investment,
3. ensure that the law creates the regulatory environment towards making Ghana the preferred investment destination in Africa and,
4. ensure that GIPC legislation facilitates government’s investment initiatives.
As a result, the Centre has from April 2017, held several sessions with categories of its stakeholders on provisions of the Act being considered for review. These sessions have so far been successful, encouraging dialogue and feedback on the implementation of the Act.
The ongoing Act 865 review sessions are being used as an avenue to obtain valuable feedback from key stakeholders in the private and public sectors.
The Centre will be grateful to receive comments, proposals and suggestions from the public on Act 865. Subsequently if it is determined that amendments are required in this regard, the Centre will undertake the necessary processes towards the laying of a Bill in Parliament.
In the meantime, GIPC Act 2013 (Act 865) remains in force and will be applied as such by the Centre.