Foreign investors want minimum capital requirement reduced

Foreign investors who want to do business in Ghana want the minimum capital requirement set by the GIPC Act, 2013 (Act 865) reduced.

The CEO of the Ghana Investment Promotion Centre (GIPC), Mr Yofi Grant

This is according to the research findings conducted by CUTS Ghana.

The research was conducted in collaboration with the World Economic Forum and the Ghana Investment Promotion Centre (GIPC).

The report indicated that some foreigners said that the high charges in setting up a business in Ghana is partly accountable for the seeming low investments from potential investors.

In an interview with Accra-based Citi FM, the Centre Coordinator of CUTS Ghana, Appiah Kusi Adomako, said Ghana is losing its competitiveness due to this high minimum capital requirement.

“If a foreigner wants to come to invest in Ghana, there is a minimum capital requirement of US$500,000 under the GIPC Act and by fixing one figure on all requirements, you do disincentive to other sectors. When we do this, we are also losing out to our competitors in the West African region.”

The research also showed several issues preventing investors from investing in Ghana including predictable tax regime, Agriculture among others.

Policy and Community Lead for International Trade and Investment at the World Economic Forum, Matthew Stephenson expressed confidence that the research conducted will aid in ironing out all concerns of investors who wish to invest in Ghana.

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