|Trade and Investment|
The thrust of the Government’s policy directive is on:
Under the Ghana Investment Promotion Centre Act, 1994 (Act 478), investment projects in all sectors of the economy, other than the mining and petroleum sectors, can be established without prior approval of GIPC. Mining and petroleum sector projects have to be approved or licensed by the Minerals Commission and the Ghana National Petroleum Corporation, respectively. All investors intending to invest in Ghana should first register as business entities (limited liability company, partnership, sole proprietorship, etc.) with the Registrar-General’s Department under the relevant laws.
Enterprises with foreign participation i.e, joint ventures and wholly foreign-owned enterprises, must complete application forms from the GIPC (Ghana Investment Promotion Centre) for the purposes of registering the actual minimum foreign capital requirement (as evidenced by bank transfers in the case of cash transfers) and customs entry forms for investment goods. GIPC has five working days to complete this formality if registration documents are received in good order. Wholly Ghanaian-owned enterprises do not need to register with GIPC since the minimum foreign capital requirement does not apply to such enterprises. All wholly Ghanaian-owned enterprises and enterprises with foreign participation seeking immigrant quota facilities in respect of expatriate personnel (expert) for their business should satisfy the relevant minimum capital requirements specified under section 30 of Act 478.
Enterprises seeking exemption from import duties and related charges should send invoices for clearance directly to CEPS, which will automatically clear all such investment capital goods and parts thereof as zero-rated (duty free) in their tariff code. A list of all such zero-rated investment capital goods and parts thereof is available at GIPC. In addition, all enterprises must deal directly with the Internal Revenue Service with respect to the enjoyment of tax incentives in relation to their investments. A list of such investment-related tax incentives is available at GIPC.
GIPC assists all enterprises in their dealings with government officials, providing advice as well as serving as a facilitator to ensure unimpeded establishment and operation of business in Ghana.