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

Global entrepreneurship summit boost for SMEs
Marrakech, Nov 22 (IANS) Nine agreements were signed between the Moroccan General Confederation of Enterprises (CGEM) and several small and medium enterprises (SMEs) as well as between major Moroccan banks and start-ups at the 5th Global Entrepreneurship Summit (GES 2014) held in Morocco.
 
 
NASA's flying saucer among 'Best of What's New'
Washington, Nov 22 (IANS) NASA's Low-Density Supersonic Decelerator (LDSD), a spacecraft that aims to facilitate the safe landing of future Mars missions, has earned a place in the the Popular Science magazine's "Best Of What's New" list.
 
 
Indian helping to light up Gambia (Diaspora Feature)
Banjul (Gambia), Nov 22 (IANS) Like many Indians who are proving to be philanthropists around Africa, Ram Mohan has set up a social business called Comafrique Intelizon Initiative and has embarked on the replacement of candles in villages in the Gambia with solar lights from India.
 
 
Leopards in human areas not conflict animals: Study
New Delhi, Nov 22 (IANS) Leopards in human areas are not always "stray" or "conflict" animals but residents with strategies to thrive in human dominated areas, says the first GPS-based study of leopards in India.
 
 
 

Latest from the Network

Davis Cup final: Switzerland nudges ahead with doubles win
Lille, Nov 23 (IANS/EFE) Superstar Swiss duo of Roger Federer and Stanislas Wawrinka put their country ahead in the Davis Cup final with a 6-3, 7-5, 6-4 victory over the French pair of Richard Gasquet and Julien...
Read more on Sport Balla
 
Former police official arrested over students' disappearance in Mexico
Mexico City, Nov 23 (IANS/EFE) A former deputy police chief and suspected member of the Guerreros Unidos ("United Warriors") drug cartel, that allegedly, is involved in the disappearance of 43 students in Mexico...
Read more on Politics Balla
 
Iran to allow UN inspectors access to Marivan nuclear site
Tehran, Nov 23 (IANS) Iran decided to allow UN nuclear inspectors access to its Marivan nuclear site, Atomic Energy Organisation of Iran (AEOI) said Saturday. "We are ready to provide a controlled access to the...
Read more on Politics Balla
 
Kendall Jenner feels she is like Hannah Montana
Los Angeles, Nov 23 (IANS) Model Kendall Jenner, who is seen in a reality TV show "Kourtney and Khloé Take The Hamptons", says she feels "like Hannah Montana" while juggling between fashion and TV. Hannah Montana,...
Read more on Celebrity Balla
 
Iran nuclear issue: Kerry holds talks with Gulf foreign ministers
Vienna, Nov 23 (IANS) US Secretary of State John Kerry held talks with the foreign ministers of UAE, Kuwait, Qatar and Bahrain on the Iranian nuclear issue Saturday. Earlier, Kerry delayed his departure from Vienna in...
Read more on Politics Balla
 
Professor Green not ready for kids
Professor Green and Millie Mackintosh are not ready to have children. The 30-year-old rapper - who is married to the former 'Made in Chelsea' star - has revealed they do not want to have a baby yet because their dogs...
Read more on Celebrity Balla
 
Taylor Swift's midriff mystery
Taylor Swift doesn't want people to know she has a belly button. The 'Blank Space' hitmaker admitted she chooses not to wear tops which reveal her midriff because she wants to keep her fans guessing as to whether she...
Read more on Celebrity Balla
 
Wilko Johnson: 'I shouldn't be here'
Wilko Johnson believes he ''shouldn't be here'' after battling cancer. The 'Game of Thrones' actor was given the all clear in October following a 17-month battle with pancreatic cancer, and has recalled the ''marvellous...
Read more on Celebrity Balla
 
Penelope Cruz joins Ben Stiller in 'Zoolander 2'
Los Angeles, Nov 23 (IANS) Actress Penelope Cruz is all set to star with actor Ben Stiller in the film "Zoolander 2". According to Deadline magazine, details of Cruz's role in the sequel of "Zoolander" has not been...
Read more on Celebrity Balla
 
No general election in Pakistan before 2018: Nawaz Sharif
Islamabad, Nov 23 (IANS) Pakistan Prime Minister Nawaz Sharif said Saturday that a general election would not be held in the country before 2018. He thus rejected the demands by the opposition Pakistan Tehreek-i-Insaf...
Read more on Politics Balla