The Ghana Investment Promotion Centre (GIPC) has disclosed it is considering plans to review the cap for investments into the country in a bid to attract more investors into Ghana.
The move also follows the centre’s plan to review its laws to accommodate global standards.
“We have noticed that even the issue of capital limit for investors can be a stumbling block in investment attraction and many investors will just turn their backs due to capital limits so we are reviewing how we can change that,” CEO of the GIPC, Mr. Yoofi Grant said.
In addition, the GIPC boss says the outfit is initiating plans to reduce the level of human interface.
To this end, the Centre is expected to introduce electronic systems to facilitate the processes and reduce the turnaround time in registrations.
“We are also trying very hard to put in place where a system where a lot of our interventions will take away the human aspect and we will use technology to facilitate the payments, registration and interactions with the other agencies. We will use technology to facilitate a one stop shop to make registration and our interaction with investors faster and more efficient.”
Meanwhile the Ghana Investment Promotion Centre (GIPC) has set an ambitious 5 billion dollars target in Foreign Direct Investments to Ghana for 2017.
The target is more than double the total FDIs recorded in 2016.
The CEO of the GIPC, Reginald Yoofi Grant told Citi Business News he is highly optimistic of the targets considering the numerous investment decisions embarked on by the NPP administration.
“We’ve been between 2.5 to 3 billion dollars annually over the past four to five years and we are looking forward to push it further to 5 billion dollars of inward investments which will translate into multiples of tax revenue and jobs,” he stated.
Mr. Grant added, “What we then need to see is how much more value, technology and social impact that these investments will bring to the country.”
By: Pius Amihere Eduku/citibusinessnews.com/Ghana