By Florence Afriyie Mensah, GNA
Kumasi, May 28, GNA – The Ghana Investment Promotion Centre (GIPC) has cautioned members of the public against fronting business registrations for foreign investors, citing this as a serious offense.
Mr. Michael Otchere, Head of Ashanti Zonal Office, GIPC, said although there were monitoring teams, sensitization and public education condemning the acts, some Ghanaians still embarked on such business routes.
He indicated that per the stipulated laws, Ghanaian participating in a joint venture, should own at least 10 percent either in cash or capital goods but those involved in fronting failed to meet this threshold.
Speaking at a training workshop organized by Transparency International Ghana in partnership with GIPC for selected journalists in Kumasi, he mentioned that perpetrators of such offenses could face prosecution through the appropriate authorities.
“This practice is making their work difficult. It is just like hiding behind somebody, you give the foreigner the chance to “rubbish” our law”.
He further argued that fronting not only robbed Ghanaians of real opportunities but also discouraged genuine investors who expected a fair and transparent system.
Mr. Otchere called for sanity in the business spaces to attract investors.
On the training session which focused on Ghana’s investment laws and how to promote transparency and accountability in the sector, he took beneficiaries through the GIPC’s current law and the new law that is about to be rolled out.
Again, participants familiarized with GIPC Act, 2013, Act 865, detailing the entry, admission and protection of investment where some activities were reserved for Ghanaians and Ghanaian owned enterprises as well as enterprises eligible for foreign participation and minimum foreign capital requirements.
Mr. Benedict Doh, Head of Finance at Transparency International Ghana, explained that the training would better equip journalists with the tools to hold duty-bearers accountable.
He described the media’s role in promoting transparency within Ghana’s investment regime as critical.
GNA
Edited by Yussif Ibrahim/Kenneth Odeng Adade
Reporter: Florence Afriyie Mensah
[email protected]
