The Ghana Investment Promotion Center (GIPC) says it will enforce new laws covering investments in Ghana to the letter in order to protect indigenous investors.
The new investment act came into force last year to streamline investments into the country and ensure that Ghana benefits from foreign capital attracted into the country.
However, there have been concerns by analysts that enforcement of the new laws will be a major hurdle.
But Speaking to JOYBUSINESSS at a meeting with various interest groups on the new GIPC Act, Chief Executive, Mawuena Trebah, said the Ghanaian interests would be protected.
The new GIPC act raised the minimum capital required to do business in Ghana for foreigners to one million dollars from 300 thousand dollars , while the sectors like , petty trading and local pub business have been reserved for Ghanaians.
"I think that there are various elements in the new legislation that are seeking to ensure that there is greater efficiency in ensuring how the law is executed. There is very specific reference to monitoring as an element of the mandate of the Centre", she said, adding that GIPC will not relent in its efforts to enforce these elements to the letter.
She said GIPC will focus more on domestic and regional investment promotions this year .
The move has been influenced by the decline in foreign investments through the centre for last year.
According to the Centre, report on last year's foreign direct investments indicated a decline by 19 per cent -- from 4.9 billion dollars from 3.9 billion dollars.
But Mawuena Trebah assures the approach to attracting foreign investments would change this year.
She further revealed that GIPC will use regional sensitization tools to engage with regional administration and focus on branding areas with investment potential in the country.
Latest Stories
-
Bahamas 2024 Relays: Star-studded cast ready to put on pre-Paris show
4 mins -
Bahamas Relays preview: clash of global title-winning teams in men’s 4x100m
11 mins -
Arsenal keeper Raya wins Premier League Golden Glove
28 mins -
Iñaki Williams scores twice in Athletic Bilbao’s win over Getafe
40 mins -
Argument with Salah ‘completely resolved’ – Klopp
51 mins -
Reus to leave Dortmund at the end of the season
1 hour -
Uefa confirms 26-man squads for Euro 2024
1 hour -
Teacher Unions press home demands for the new allowances
1 hour -
Media’s failure to hold government accountable for ‘galamsey’ alarming – Mahama
1 hour -
Keta Presbytery urges Akufo-Addo to assent to anti-LGBTQ+ Bill
2 hours -
Ghanaian midfielder Lawrence Ofori nets maiden goal of the season with stunner against Vizela
2 hours -
Community fearful after off-duty policemen shot dead at East Trasacco
2 hours -
Dext Technology partners KNUST to train basic school teachers on STEM
2 hours -
My efforts led to remarkable transformation in Appiatse – Lands Minister
2 hours -
13th Ghana Information Technology and Telecom Awards launched
2 hours