The Ghana Investment Promotion Centre, (GIPC), says steps are being taken to review the Company’s Act to be in line with the African Continental Free Trade Area agreement, AfCFTA, and other protocols.
The impending review of the GIPC Act 2013, (Act 865), is aimed at creating a competitive urge for Ghana globally, to be able to attract more investments.
The Act has been subjected to scrutiny by stakeholders as it has over the years failed to eliminate the bureaucratic challenges investors face in their quest to set up businesses.
Speaking to Citi Business News, the Chief Executive Officer of GIPC, Yofi Grant, said the Centre will soon meet with parliamentary committees to finalize the review process.
“You must know that we have broad consensus on what investment climate and investment environment should be. As new developments come in, then we need to make sure we are in consonant and not totally far away from new developments. Ghana became the host nation of the AfCFTA just last year, and that in itself has a whole investment component that we probably had not taken cognizance of before we started the process” he explained.
…“So now that we are clear that the AfCFTA is going ahead, we need to ensure that we regulate our own investment laws. This way they are not compromised or do not suffer inordinately; but are in consonance with what will be provided in the AfCFTA as well as the ECOWAS, and all the pacts we have signed. We want to ensure that we are not disadvantaged in any way, and we will still be a very attractive investment destination”.
AfCFTA implementation: Technical working groups inaugurated to work on Ghana’s Action Plan
In order to fast-track trade within the African continent, and ensure that Ghana derives maximum benefit from the African Continental Free Trade Area, ACFTA, the Trade and Industry Ministry, has constituted technical working groups to work on a seven cluster initiative.
The Minister, Alan Kyerematen, who inaugurated the groups, says the move is to ensure that Ghana derives maximum benefit from the agreement.
AfCFTA secretariat will be operational by March 31 – Akufo-Addo assures AU
President Nana Addo Dankwa Akufo-Addo, has assured the Assembly of Heads of State and Governments of the African Union that the Secretariat of the African Continental Free Trade Area (AfCFTA), being hosted in Accra, will be operational by 31st March, 2020.
The Agreement is aimed at improving intra- African trade to among other things, create a single market, deepen the economic integration of the continent, establish a liberalized market through multiple rounds of negotiations and aid the movement of capital and people, facilitating investment.