Ghana to begin reaping investments benefits in June – GIPC

Mar 09, 2017

The Ghana Investment Promotion Council (GIPC) has disclosed that, there is high thirst on the part of investors around the world to invest in the Ghanaian economy.

According to the GIPC’s Chief Executive Officer Yofi Grant, the country is likely to begin reaping of the benefits of work done by the council to attract investors to Ghana from June this year.

The Minister of Finance Ken Ofori-Atta in presenting the 2017 budget of the government, announced some policy initiatives including some tax incentives to lure more foreign investors into the country.

Mr. Ofori-Atta, announced the government’s decision to abolish some taxes which included the one per cent special import levy, the 17.5 per cent VAT/NHIL on financial services, the 17.5 per cent VAT/NHIL on selected imported medicines that are not locally produced.

Others include the 17.5 per cent on domestic airline tickets, the 5 per cent on real estate sales, excise duty on petroleum, reduce special petroleum tax rate from 17.5 per cent to 15 per cent, abolishment of duty on spare parts, among others.

Mr. Grant believes this was a step in the right direction as it would lead to reducing the cost of doing business for the private sector and lead to the creation of more jobs.

The government believes that in growing the economy reducing and abolishing some taxes which are seen as nuisance tax will not only help boost the economy but bring in the needed foreign direct investments.

In an interview with the thebftonline.com, the Chief Executive Officer of the Ghana Investment Promotion Council Yofi Grant said, Ghana since the beginning of the year has seen many investors express confidence in the economy and there is the will to explore opportunities to invest in the country by most investors the GIPC has met.

“I have already done a couple of trips where I have met some interesting people who potentially are interested in investing in Ghana. I have been to Dubai, Turkey and I was in England where I was speaking to technology investors and they seem very keen in investing in Ghana. Incidentally there are a number of Ghanaians in England who are doing amazing things in the area of technology and are very interested in coming to Ghana.”

Mr. Grant further added that, “there are some investors who are already looking into the market and there are some of the businesses that have come through. In fact, I spoke to a major business group in South Africa which was looking to do some interesting investments in the country.”

The GIPC CEO also noted that the budget was a well thought out one which would address the challenges of the country.

“The budget will significantly repair some of the ills we have in the country and also set the agenda for growth and wealth creation,” he stated.

This, Mr. Grant said would be done by easing the cost of doing business and making the ease of doing business even much better than before.

“This is the sort of confidence you need to give to the people. This government is serious about what it says and we are starting most of our initiatives now.”

The GIPC in 2017 plans to attract some GH¢5 billion in Foreign Direct Investments (FDIs).

This, it intends to do by embarking on an aggressive local and foreign investment campaign which will see big industry players coming to invest in the country.

Source: Norvan Acquah - Hayford/thebftonline.com/Ghana

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