360° Coverage : Ghana lays down conditions for foreign investment

1 Updates
Ghana lays down conditions for foreign investment
Photo Credit: INDRANIL MUKHERJEE, Getty Images

Ghana lays down conditions for foreign investment

Jul 3 2013, 12:36am CDT | by

Accra, July 3 (IANS) Lawmakers in Ghana are considering a bill that sets the minimum capital requirement for non-Ghanaian investors at $250,000.

Accra, July 3 — Lawmakers in Ghana are considering a bill that sets the minimum capital requirement for non-Ghanaian investors at $250,000. The bill lays down that in the case of foreign investors...

Filed under: news

YouTube Videos

 
 
 

1 year ago

Ghana lays down conditions for foreign investment

Jul 3 2013, 12:36am CDT | by

Accra, July 3 (IANS) Lawmakers in Ghana are considering a bill that sets the minimum capital requirement for non-Ghanaian investors at $250,000.

Accra, July 3 — Lawmakers in Ghana are considering a bill that sets the minimum capital requirement for non-Ghanaian investors at $250,000.

The bill lays down that in the case of foreign investors partnering with Ghanaians, the total investment should be pegged at $50,000 in cash or capital goods relevant to the investment or a combination of both by way of equity participation.

"A trading enterprise that is principally engaged in the purchase and sale of goods shall not be wholly owned by a person who is not a citizen but shall operate by way of a joint venture with a partner who is a citizen," says the new Ghana Investment Promotion Centre Bill.

A partner in the enterprise, who is a citizen, "shall have not less than 30 percent equity participation in the joint venture", the bill says, adding that such a partner shall "not transfer the equity participation to a person who is not a citizen".

As per the bill, trading includes "the purchasing and selling of imported goods and services". Any enterprise to be set up after the bill becomes law "shall employ at least 10 skilled Ghanaians".

It says the minimum capital requirement does not apply to portfolio investments or "an enterprise set up solely for export trading and manufacturing". And export trading includes export of goods or produce that originate from Ghana.

The bill also seeks to bar non-citizens from the sale of goods or provision of services in a market, petty trading or hawking or selling of goods in a stall at any place. In addition, non-Ghanaians will not be allowed to operate taxi or car hire services that do not have a fleet of more than 25 vehicles.

"The operation of a beauty salon or a barber shop and the printing of recharge scratch cards for the use of subscribers of mobile telecommunication services" have been reserved for Ghanaians under the bill.

It however states that discrimination is prohibited under the new law. "A foreign investor, employer or worker shall enjoy the same rights and be subject to the same duties and obligations applicable to citizens."

The Ghana Investment Promotion Centre (GIPC), the bill states, "as an official agency, or any other legal representative of the centre shall not discriminate against an investor from a particular country or give special treatment to prospective foreign investor based on that investor's country or origin or nationality".

It says that maintenance of business books and records should be in accordance with the recognised accounting standards. "Insurance requirements that apply to similar enterprises and taxes required shall be paid by enterprises engaged in similar activities."

The bill also guarantees against expropriation stating that, "subject to the constitution (of Ghana) and any other relevant laws, an enterprise shall not be nationalised or expropriated by government and a person who owns, whether wholly or in part, the capital of an enterprise shall not be compelled by law to cede that person's capital to another person."

If it becomes necessary to acquire an enterprise, the bill says, it will only be done "unless the acquisition is in the national interest or for a public purpose and the acquisition is done under a law which makes provision for payment of fair and adequate compensation and a right of access to the high court for the determination of the investors' interest or right and the amount of compensation to which the investor is entitled".

The bill also guarantees transfer of capital, profits and dividend and personal remittances in accordance with the Foreign Exchange Act.

"An enterprise shall, through an authorised dealer bank, be guaranteed unconditional transferability in freely convertible currency of dividends or net profits attributable to the investment made in the enterprise."

"An expatriate person employed or engaged in an enterprise may, subject to the fulfilment of all tax obligations, make remittance which do not exceed the basic net salary of that person," it adds.

(Francis Kokutse can be contacted at fkokutse@hotmail.com)

IANS

Source: IANS

 

Don't miss ...

 

<a href="/latest_stories/all/all/8" rel="author">Luigi Lugmayr</a>
Luigi is the founding Chief Editor of I4U News and brings over 15 years experience in the technology field to the ever evolving and exciting world of gadgets. He started I4U News back in 2000 and evolved it into vibrant technology magazine.
Luigi can be contacted directly at ml@i4u.com. Luigi posts regularly on LuigiMe.com about his experience running I4U.

 

blog comments powered by Disqus

Latest stories

'Selfie' to cure skin problems
New York, Oct 26 (IANS) If you have a skin problem, taking a selfie of the affected area and sending it to your dermatologist for analysis is a good idea.
 
 
A device to identify tipsiness
New York, Oct 26 (IANS) A device has been launched that lets drivers find out if they are intoxicated before they are nabbed by cops.
 
 
Unearthed: Ancient city ruled by Genghis Khan's heirs
Moscow, Oct 26 (IANS) Remains of a 750-year-old city called Ukek, founded by the descendants of Genghis Khan, has been unearthed along the Volga river in Russia.
 
 
Taiwan eyeing six percent trade growth with India, bullish on Modi
Taipei, Oct 26 (IANS) Bullish on Prime Minister Narendra Modi, Taiwan, which has no diplomatic ties with India, is pitching for duty concessions from India as the island nation aims to boost bilateral trade with a six percent growth by 2015.
 
 
 

Latest from the Network

Second MERS case reported in Qatar
Doha, Oct 23 (IANS) A 43-year-old man in Qatar has tested positive for Middle East Respiratory Syndrome (MERS) in the second confirmed case of the deadly virus in 10 days, media reported Thursday. The patient had...
Read more on Business Balla
 
Two people die in Pakistan bomb blast
Islamabad, Oct 23 (IANS) At least two people were killed and 12 others injured in an explosion that took place in Pakistan's Balochistan province Thursday, media reported. The bomb was planted on a motorcycle, Dawn...
Read more on Politics Balla
 
Trott extends contract with Warwickshire till 2017
London, Oct 23 (IANS) England batsman Jonathan Trott, whose mental issues led to his abrupt departure from last winter's Ashes tour, has confirmed his successful comeback to competitive cricket by signing a new three-...
Read more on Sport Balla
 
Srikanth, Kashyap big movers in BWF rankings
Kuala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest Badminton World Federation (BWF) rankings released Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Alvin Stardust dead
London, Oct 23 (IANS) English singer Alvin Stardust died after a short illness. He was 72. Stardust's manager confirmed the news about his demise Thursday, reports mirror.co.uk. He was recently diagnosed with...
Read more on Celebrity Balla
 
Indian man reunited with family after 40 years
Dubai, Oct 23 (IANS) An Indian man, who had disappeared from his hometown in Kerala nearly 40 years ago, has been found by his family at a hospital in Dubai in the UAE, a newspaper report said. Now in his 60s, Abdulla...
Read more on Politics Balla
 
Srikanth, Kashyap, Saina rise in world rankings
Kala Lumpur, Oct 23 (IANS) Indian men shuttlers Kidambi Srikanth and Parupalli Kashyap jumped seven places each in the latest released Badminton World Federation (BWF) rankings Thursday while Olympic bronze medallist...
Read more on Sport Balla
 
Flintoff signs for Big Bash side Brisbane Heat
Brisbane, Oct 23 (IANS) Former England captain and all-rounder Andrew Flintoff, who retired from international cricket in 2009, Wednesday confirmed that he will play for Brisbane Heat in the Big Bash League (BBL) this...
Read more on Sport Balla
 
OPEC daily basket price falls again
Vienna, Oct 23 (IANS/WAM) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) closed at $81.94 a barrel Wednesday compared to $82.09 Tuesday, the OPEC Secretariat said. The new OPEC...
Read more on Business Balla
 
Lopez to sign multi-million dollar deal?
Los Angeles, Oct 23 (IANS) Singer-actress Jennifer Lopez is reportedly in the final stages of securing a multi-million dollar deal to perform in Las Vegas. The 45-year-old is being offered $350,000 per show at The...
Read more on Celebrity Balla