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GIPC leads a Bilateral Investment Negotiation team to Canada

The Chief Executive Officer of Ghana Investment Promotion Centre (GIPC) Mr George Aboagye is leading a team of experts drawn from the Ghana Investment Promotion Centre, Ministry of Trade and Industry, Ministry of Foreign Affairs and Regional Integration, Ministry of Finance and the Ministry of Justice for commencement of Bilateral Investment Treaty (BIT) negotiations between Ghana and Canada.

Ghana and Canada have been engaged invities continue to yield positive results as reflected in its performance for the 2nd quarter of 2011.

REGISTERED PROJECTS

During the period under review 127 new projects were registered; an increase of 20.95% compared to 109 registered projects in the corresponding quarter of 2010.The total estimated value of the registered projects for the quarter was GH¢900.45 million (US$600.30 million).

INITIAL CAPITAL TRANSFERRED

The total initial capital transfers for the newly registered projects during the quarter amounted to GH¢145.55 million (US$97.03 million). This gives an exponential increase of over 506% compared to GH¢24.02 million (US$16.01 million) recorded for the corresponding quarter in 2010. The FDI component of the estimated value of the projects registered for the quarter was GH¢828.44 million (US$552.29 million), representing 92% of the total estimated value. The local currency component also amounted to GH¢72.01 million (US$48 million), representing 8% of the total estimated value for the quarter. 

EXPECTED JOBS TO BE CREATED 

The total number of jobs expected to be created for Ghanaians from the projects registered in the second quarter of 2011 amounted to 6,673. These projects are also expected to create 735 jobs for expatriates. < a series of exploratory discussions towards the possibility of signing a Bilateral Investment Treaty (BIT) between the two countries. Subsequent to these exploratory discussions, Ghana and Canada have agreed to commence substantive negotiations and the first round will be held in Ottawa Canada casino from Wednesday 22nd to Friday 24th June, 2011. 

These negotiations underscore the strong political and socio-economic relationship between the two countries which dates back several decades. The BIT will enhance the growth of business relations between Ghana and Canada through the provision of internationally recognised investment promotion and protection framework.

“Ghana - Africa’s Golden Gateway to a safe and stable investment destination”

 

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GIPC Records A 20% Increase in Number of Registered Projects for 2nd Quarter Of 2011

For the first half of 2011 a total of 236 projects were registered; an increase of 10.80% compared to 213 registered projects in the corresponding period of 2010.

The total estimated value of registered projects for the first half of 2011 was GH?1.47 billion (US$978.74 million); an increase of 15.03% compared to the corresponding period of 2010. The total initial capital transfers for the registered projects during this half year of 2011 amounted to GH¢248.90 million (US$165.93 million); a significant increase of 120.77% compared to the corresponding period of 2010.

The FDI component of the estimated value of registered projects amounted to GH¢1.36 billion (US$904.04 million); an increase of 18.85% compared to the FDI component in the same period of 2010. The local currency component amounted to GH¢112.03 million (US$74.68 million). The total number of jobs expected to be created from registered projects amounted to 14,412.

Communique- Illegal Operation of Non Ghanaian Traders

At a meeting held by the Vice President, H.E. Mr. John Dramani Mahama at the Castle, Osu, on the 14th of December, 2011 with representatives of the Ministry of Trade and Industry, Ghana Investment Promotion Centre, Registrar-General's Department, Ghana Immigration Service, Ghana Police Service, Ghana Revenue Authority, and Ghana Union of Traders Associations, (GUTA) the activities of non- Ghanaians in the trading sector of the Ghanaian economy were discussed, amongst others.

Participants at the meeting acknowledged the useful contribution non-Ghanaian investors are making in the development of the Ghanaian economy. They however noted that:

1. The activities of some non-Ghanaian traders were not in compliance with the provisions of Section 18 of the Ghana Investment Promotion Centre Act, 1994 (Act 478),which states that:

SECTION 18
ENTERPRISES WHOLLY RESERVED FOR GHANAIANS
i. The sale of anything whatsoever in a market, petty trading, hawking or selling from a kiosk at any place.
ii. Operation of taxi service and car hire service.(A non-Ghanaian may undertake this service provided he has a minimum fleet of ten new vehicles)
iii. All aspects of pool betting business and lotteries, except football pools
iv. Operation of beauty salons and barber shops

A "Market" as defined in the GIPC Act, means "a public place whether open or enclosed, established and managed by local custom, or specifically designated by the appropriate local government authorities or their agents with selling sites such as stores and stalls for the purpose of selling and buying".

2. It was further more noted that several non-Ghanaian traders were also not complying with both the Immigration and Tax laws of the country.
Without prejudice to any group of investors, the meeting resolved that:

i. The inter Agency Task Force, which was set up by the GIPC to monitor the activities of non-Ghanaians in the Trading sector should be reconstituted and empowered to ensure that:
a. The provisions relating to the Areas reserved for Ghanaians under Section 18 of the GIPC Act 478, 1994 are complied with;
b. The country's immigration laws are properly enforced; and
c. Non- Ghanaian Traders meet their various tax obligations to the State. i.e. IRS, VAT, SSNIT, etc.

ii. Companies wishing to engage in Trading activities should also reflect the provisions of Section 18 of the GIPC Act 478, 1994, in their application for business incorporation to the Registrar General's Department by indicating clearly;

i. the specific activity the company wishes to engage in, and

ii. Compliance with the relevant provisions of the GIPC Act, 1994.

Non- Ghanaian Traders are therefore advised to take note of this communiqué and make the necessary arrangements to comply with the relevant provisions in the GIPC Act 478, 1994; particularly provisions under Section 18.

 

GIPC Registers More Investments in the First Quarter of 2012

The results of the 1st Quarter of this year, give a good indication of the levels of Foreign Direct Investments (FDI) that the country will attract in 2012.

In the first quarter of this year, the Centre recorded a total of 95 new projects with a total estimated value of US$1.18 billion. The estimated value represents an increase of 67.98% compared to the value recorded in the same quarter of 2011.

The FDI component of the estimated value of the newly registered projects amounted to US$979.85 million which is a significant increase of about 178% over the recorded FDI value in the corresponding quarter of 2011. The total initial capital transfers for the quarter amounted to US$43.27 million. The USA with an FDI value of US$407.21 million was ranked first and China remains the top source of FDI in terms of the number of projects.

Of the 95 projects registered during the first (1st) quarter, 52 representing (54.74%), were wholly-foreign owned enterprises valued at GH¢718.71 million (US$422.77 million.) This figure also represents 35.77% of the total estimated value of projects registered. The remaining 43 projects being (45.26%) were joint ventures between Ghanaians and foreign partners and valued at GH¢1.29 billion (US$759.28 million) constitutes 64.23% of the total estimated value of projects registered.

For the corresponding quarter of 2011, 66 wholly- foreign owned enterprises and 43 joint ventures were registered and valued at GH¢175.07 million (US$116.71 million) and GH¢392.58 million (US$261.72 million) respectively.

 

Ghana Club 100 2011 Edition Entries

The Ghana Investment Promotion Centre (GIPC) announces for the information of the Ghanaian Corporate Community that, the Ghana Club 100 Awards, 2011 Edition will come off on 12th September, 2012under the theme "Public Private Partnership – ensuring domestic entrepreneurs' participation in Ghana's development" on.The objectives of the GC 100 are to develop an open information culture within the Ghanaian corporate sector, provide incentives for improved performance, develop uniform criteria for evaluating this performance, and to establish an annual and current analysis of the Corporate sector.

Criteria

All entrants must be limited liability companies. For companies with Government interest, Government ownership should be less than 50%, unless the company is listed on the Ghana Stock Exchange. All entrants must have a cumulative net profit that is positive for the most recent three year period.

Based on information received from the above criteria, businesses will be categorized according to the ten strategic sectors which are in line with government's development agenda i.e.  Agriculture and Agribusiness, Financial Services, Information and Communication Technology, Services, Infrastructure, Petroleum and Mining Services, Manufacturing, Tourism, Health and Education.

Upcoming Events

Mon Sep 25 @ 8:00AM - 05:00PM
Northern Ghana Tourism Investment Summit 2017
Tue Oct 03 @ 8:00AM - 04:00PM
GIPC - USAID FinGAP Agric and Agribusiness Investment Forum 2017
Tue Oct 10 @ 8:00AM - 05:00PM
3rd Ghana Renewable Energy Fair (Conference and Exhibition)
Thu Oct 12 @ 8:00AM - 05:00PM
Investment Promotion Mission to Canada
Sun Oct 22 @ 8:00AM - 05:00PM
Mexico Business Summit 2017
Sun Oct 29 @ 8:00AM - 05:00PM
Investment Promotion Mission to Dubai, UAE
Wed Nov 01 @ 8:00AM - 05:00PM
Kenya Trade Expo Ghana 2017
Thu Nov 30 @ 6:00PM - 10:00PM
Ghana Club 100 Awards
Tue Dec 12 @10:30AM - 12:00PM
Ghana-German Business Forum
Wed Dec 13 @ 8:00AM - 11:00AM
4th Quarter CEOs Breakfast Series