Revised GIPC law not targeted at foreigners – Haruna Iddrisu

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Kwame 10 years ago

What is wrong if foreigners must always have a local content in the business they transact in Ghana, so that they do not transfer all profits back to their home country?

What is wrong if foreigners must always have a local content in the business they transact in Ghana, so that they do not transfer all profits back to their home country?
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KWESI 10 years ago

The bill as it stands is fine but making it compulsory to localize 30% ownership sounds a bit silly. what needs to be done is to lower the capital threshhold to $500000 in order to attract more investors because $1m is a bit ...
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The bill as it stands is fine but making it compulsory to localize 30% ownership sounds a bit silly. what needs to be done is to lower the capital threshhold to $500000 in order to attract more investors because $1m is a bit too much. Encourage foreign national with expertise to invest in agro-based industries in the rural areas with capital of about $500000 period. Stop kickbacks and the economy will move forward Period
Ppp 10 years ago

So you think an investor will come to your country and give away 30% to you? If you could invest in 30% of $1M and manage it well, you will not need foreign investment. What happens if there is no Ghanaian who is able and wil ...
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So you think an investor will come to your country and give away 30% to you? If you could invest in 30% of $1M and manage it well, you will not need foreign investment. What happens if there is no Ghanaian who is able and willing to partner a huge foreign investment in Billions of dollars? I do not think this is the right time to enact this kind of law. I do agree to raise the cap to $0.5Mil and devise a way to spread investment across the country and not only in Accra. May be offer a tax rebate if they agree to invest in Agriculture, Mass Transportation, Water, Electricity, Post-Processing and Packaging, Recycling etc.
OBURONIBA FITAFITA 10 years ago

This 30% will snarl investment. What will happen eventually is some foreign companies offering that money to locals under pretense to gain investment right. And our poor enforcement mechanisms will not be able to detect and e ...
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This 30% will snarl investment. What will happen eventually is some foreign companies offering that money to locals under pretense to gain investment right. And our poor enforcement mechanisms will not be able to detect and expose to justice.
Kwaku K 10 years ago

This Law will target Ghana's economy. Why would anyone with $1,000,000 want to come to Ghana where corruption is thriving in every corner of the country. It would be better to maintain what is currently the law and enforce th ...
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This Law will target Ghana's economy. Why would anyone with $1,000,000 want to come to Ghana where corruption is thriving in every corner of the country. It would be better to maintain what is currently the law and enforce these laws from step 1. Why would anyone in the right mind want to invest $1,000,0000 and give 30% which is $300,000 to a Ghanaian partner. This is nonsense and shows lack of planning. This will drive away small and medium scale investors for sure.
OB 10 years ago

What degree did Haruna obtain from Legon? Please respond only if you know. Thanks.

What degree did Haruna obtain from Legon? Please respond only if you know. Thanks.
BabaMusa 10 years ago

Mr. OB, what has degree got to do with the Topic

Mr. OB, what has degree got to do with the Topic
EFO 10 years ago

Haruna was my Junior at Legon and he read Sociology. He was also my junior in the VANDAL City.

Haruna was my Junior at Legon and he read Sociology. He was also my junior in the VANDAL City.
BabaUS 10 years ago

Let me see if I understand this. We want people to invest here in our economy, but we dictate how much they should invest and further, the moment they do, we insist they give 30 percent of it to someone local? And Kwame says ...
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Let me see if I understand this. We want people to invest here in our economy, but we dictate how much they should invest and further, the moment they do, we insist they give 30 percent of it to someone local? And Kwame says there is nothing wrong with this? You think this is a church offering? Grow up Ghanaians.
BONAFIDEKMAN 10 years ago

This government should be careful.They are known to do things hapharzardly.case in point is the 3billion Chinese loan.They were warned by NPP about it.Today we see that they are having problems

This government should be careful.They are known to do things hapharzardly.case in point is the 3billion Chinese loan.They were warned by NPP about it.Today we see that they are having problems
ANANSE KWAKU 10 years ago

I think the story doesn't tell or explain all the fact. I'm really sure the $1 million minimum capital is for only Trading activities (not for Manufacturing or Services). This might be one of the ways by which Government want ...
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I think the story doesn't tell or explain all the fact. I'm really sure the $1 million minimum capital is for only Trading activities (not for Manufacturing or Services). This might be one of the ways by which Government wants to limit the influx of cheap and inferior goods into the country (by the C-----e). As to whether this is a "viable" strategy or not depends on several factors and I leave that part for the many knowledgeable people who comment on this website to discuss. I am just trying to clarify the $1 million capital requirement-it applies to foreigners who wants to engage in Trading activities in Ghana. (By the way, I'm NOT the Spokesperson for the Ministry of Trade & Industry or the GIPC). With this clarification, let's now continue debating the $1 million minimum (equity) capital for Trading activities in Ghana.
ANANSE KWAKU 10 years ago

"....foreigners who WANT to...."

"....foreigners who WANT to...."
ASEMPA NEYE 10 years ago

Local participation should increase tp 48% and capital should be $3 mil for control purposes.

Local participation should increase tp 48% and capital should be $3 mil for control purposes.
Isaac Kusi, Bronx, NY. 10 years ago

This is the best news I've heard coming from Ghana in a long time as far as the economy is concerned. It will put Ghana and Africa on the road to economic independence. There should be no delay in passing this bill. Since Gha ...
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This is the best news I've heard coming from Ghana in a long time as far as the economy is concerned. It will put Ghana and Africa on the road to economic independence. There should be no delay in passing this bill. Since Ghana is being touted as the beacon of democracy in Africa it should be forwarded to all African countries to pass similar bills.
J H New York 10 years ago

You people could be funny !
Do u think 1 million dollars is a small amount and easy to get ?.It's a big amount in the States.Is not like our Ghana Cedis.
The figure should stand at 300,000 for Farms( animal,poultry,or whate ...
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You people could be funny !
Do u think 1 million dollars is a small amount and easy to get ?.It's a big amount in the States.Is not like our Ghana Cedis.
The figure should stand at 300,000 for Farms( animal,poultry,or whatever)and should employ not less than 5 or more local people depending on the size but not less than 5.
And 500,000-600,000 for others and should employ between 7- 10 local people depending on business size.That's how to grow small businesses as the engine of the economy. May I know the sense or rational behind the increases ?.
So in Ghana both old and emerging younger leaders don't know anything in business strategies apart from Increases, Increases, Increases, everywhere !.
Haruna & Co should know that unnecessary increases is not the best offer and absolutely not the way forward for a small Country like Ghana.
Even in the States, how much is needed to do business in such a Certified big economy
Or small Ghana want to be in the shoes of the master.
Let us use Common Sense approach to build the economy.And not in haste,or impulsive increases.
J H New York 10 years ago

The entrepreneur,wife,and 4 Children should be given permanent resident Status.
And the amount of 300,000 or 500,000 must be refunded to him especially if he isheccessful to open a branch or branches.

The entrepreneur,wife,and 4 Children should be given permanent resident Status.
And the amount of 300,000 or 500,000 must be refunded to him especially if he isheccessful to open a branch or branches.
J H New York 10 years ago

The entrepreneur,wife,and 4 Children should be given permanent resident Status.
And the amount of 300,000 or 500,000 must be refunded to him if successful,at the 15th year. If successful and opens a branch or branches in an ...
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The entrepreneur,wife,and 4 Children should be given permanent resident Status.
And the amount of 300,000 or 500,000 must be refunded to him if successful,at the 15th year. If successful and opens a branch or branches in another town/s, refund should be at the 10th anniversary.
Please note : Govt is supposed to invest the
amount profitably. And NOT a free money for Politicians to pocket.
This is one of the Common Sense approach to solid Economic Emancipation.
May someone out there please bring this write up to the attention of sector Minister - Haruna and the Parliament House.thanks.

Revised GIPC law not targeted at foreigners – Haruna Iddrisu

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