The Ghana Investment Promotion Center (GIPC) has rejected calls to prevent foreign businesses from repatriating all their funds in foreign currencies out of the country, after making profits.
Proponents of the suggestion have argued that such a move will prevent the cedi from falling rapidly in value against foreign currencies, particularly the dollar.
But reacting to the issue on the sidelines of “The Money Summit”, Chief Executive of the GIPC, Yofi Grant warned that such a policy could be counterproductive and deter investors from coming to Ghana.
Mr. Grant argued that investors are very sensitive to a rigid economic environment; hence any move to control their finances could compel them to look elsewhere to invest.
“If you invest in for example in Togo, and the Togolese government holds your money and says you can’t take it outside, how will you feel? Will you even go there to invest in the first place?” he asked.
Proffering some solutions to the cedi depreciation, Mr. Grant advocated a system that will build confidence in the Ghanaian to invest in Ghana and expand their operations across the continent.
“This is why the Akufo-Addo government has brought brilliant initiatives like the Planting for Food and Jobs, One District, One Factory project; among others to grow local investors and businesses here in Ghana”, he said.
He is optimistic such government policies will yield positive results in the future, encouraging young people to venture into agriculture.
“In the past, we have been importing everything. High import is the main reason for the cedi depreciation. But with time, if we continue with these initiatives we are going to produce what we consume and the currency will be stable”, he stressed.
The Ghana Investment Promotion Centre is Ghana’s foremost investment attraction and promotion agency under the Office of the President.
The Ghana Investment Promotion Centre Act, 2013 (No. 865) provides for the establishment of the Ghana Investment Promotion Centre as a corporate body.
The object of the Centre is to;
(a) create an enhanced, transparent and responsive environment for investment and the development of the Ghanaian economy through investment; and
(b) encourage, promote and facilitate investment in the country.
Guided by the GIPC Act 2013 (Act 865), the Centre courts and facilitates valuable investments to stimulate economic growth, unlock opportunities and spur job creation.
The Centre also provides a diligent team of resource persons to furnish investors with insight and necessary guidelines towards a successful integration into the Ghanaian World of business, and as such remains the first point of contact for all foreign investors coming to Ghana.
GIPC’s Core Functions Are As Follows:
To maintain Ghana as a choice destination for investment and ensure that your investments are safe and profitable in an ever-changing economic landscape, some of our strategic functions include:
– Formulation of investment promotion policies and plans, incentives, and marketing strategies to attract both foreign and local investments
– Initiating and supporting measures that will enhance the investment climate for our Ghanaian and non-Ghanaian enterprises
-Organize and participate in promotional activities such as exhibitions, conferences, and seminars to stimulate investment
-We collect, collate analyze and disseminate information about investment opportunities and sources of investment capital, incentives available to investors and go an extra mile to provide advisory services to you our investors and more.