The Ghana Investment Promotion Centre (GIPC) has stepped up its sensitization efforts on Technology Transfer Agreements (TTAs) to clients and investors.

TTA is an agreement entered into by two entities when a foreign firm or enterprise transfers its technology, expertise, or facilities to its Ghanaian counterpart.

According to GIPC, businesses that fail to register their TTAs will face sanctions per the GIPC Act 865.

Also, the Bank of Ghana will suspend remittances by companies that do not have the relevant TTA registration and certification after the review of the GIPC law.

Head of Legal Division, Naa Lamle Orleans-Lindsay speaking at GIPC’s CEOs Breakfast Meeting held in Accra stated that, “We are stepping up sensitisation to clients, both local and foreign investors, on the need to register their TTAs. But as we go ahead, we’ll start implementing the sanctions very strongly.

“In the review of the GIPC Act, we have proposed that the sanctions should be significantly increased,” she added.

Businesses that fail to adhere to their TTA requirements, she noted, create avenues for tax evasion and money laundering.

It also facilitates the illegal exportation of currency and capital flight.