The Ghana Investment Promotion Centre (GIPC) has urged local investors to join forces and form a company, instead of maintaining their sole proprietorship status, to take full advantage of the provisions of market opportunities under the law.
Mr. Michael Otchere, the Ashanti Regional Head, GIPC, disclosed that there are so many opportunities in Ghana but one cannot single-handedly take advantage of it, hence the need to pool resources.
He encouraged local investors through AGI and other business associations to educate and sensitise their members to ensure that they join forces to take full advantage of these provisions in our laws.
“…Owning 100 percent of nothing can never be compared to owning one percent of something…” Mr. Otchere noted, in an interview on the sidelines of Transparency International Ghana Forum on Advocating Policy Reform for a Positive Investment Environment, in Kumasi, last Friday.
Touching on the issues of foreigners taking over the retail sector, the Regional Head disclosed that there was a clear-cut instrument (Act 865) which ensures foreigners do not enter into the retail space.
He, however, noted notwithstanding this law, there is still a requirement (for foreigners) to meet and participate in the retail sector.
He explained that foreigners are enjoined to raise a capital of one million dollars, and also employ 20 skilled direct Ghanaians as measures by the government to ensure that the sector is protected for Ghanaians.
Mr. Michael Otchere further told reporters that what GIPC was seeking to do was to revise these requirements to make it a bit toughe.
On the suggestion of government ensuring and forcing foreigners to go into wholesaling rather than retailing, Mr. Otchere noted that the fact that other countries are doing it did not mean Ghana should also do same.
From Oswald P. Freiku, Kumasi
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