The Ghana Investment Promotion Centre (GIPC) is the government agency re-established in 1994 under Act 478 to promote and facilitate investment in all sectors of the economy with the exception of care mining and petroleum activities. This makes GIPC crucial to the fortunes of Ghana, a country which has liberalized its economy with a view to driving its growth and development by attracting new investment and providing the environment for investment to add value and generate wealth.
GIPC’s mission is to attract private domestic and foreign investment to transform Ghana into an industrial and export-led economy through aggressive investment promotion activities. In executing its mission GIPC aims at stimulating increased investments, both foreign and local; facilitating the generation of employment and export opportunities; facilitating the acquisition and transfer of technology; and contributing towards the diversification of the country’s production base.
To this and GIPC engages in providing an array of professional services, and supports local and foreign investors in numerous ways by:
• Initiating and supporting measures that will enhance the investment climate in the country for both Ghanaian and non-Ghanaian companies.
• Promoting investments in an outside Ghana through effective promotion.
• Collecting, collating and disseminating information about investment capital, and advising on the availability, choice or suitability of partners in joint venture projects.
• Registering and keeping records of enterprises.
• Identifying specific projects and inviting interested investors for participating in those projects initiating, organizing and participating in promotional activities such as exhibitions, conferences and seminars for the stimulation of investments.
• Monitoring a liaison between investors and ministries, government departments and agencies, institutional lenders, and other authorities concerned with investments.
• Providing and disseminating up-to-date information on incentives available to investors.
• Assisting investors by providing support services including assistance with permits required for the establishment and operation of enterprises.
• Evaluating the impact of the Centre on investments in the country and recommending appropriate changes where necessary.
• Registering and keeping records of all technology-transfer agreements relating to investments.
• Focusing on established investors in the country through continued communication to help existing business to expand.
• Promoting forwards and backwards linkage between foreign affiliates and local SMEs.
GIPC’s activities have been pivoted in the evolution of Ghana into one of Africa’s most attractive destination for international investment. It has also been instrumented in getting local investors to enter into joint ventures with such international investors.
In 2010 alone the GIPC registered 385 projects with a total estimated value of GH¢1.79 billion. This evidences Ghana’s increasing allure for investors; in 2009, 257 projects were registered with a total estimated value of GH¢867.98 million.
Instructively, in 2010 the Foreign Direct Investment (FDI) commitments made through the GIPC doubled over the previous year, reaching GH¢1.55 billion compared to GH¢771.82 million attracted in 2009. Similarly the local currency component of investments made through the GIPC climbed by 148.6% in 2010 to reach GH¢239.01 million, up from GH¢96.15 million recorded in 2009.
Out of the 385 registered projects, 249 are wholly foreign owned enterprises while the other 136 are joint ventures between Ghanaians and foreign partners. The wholly foreign owned enterprises are valued at GH¢1.63 billion while the joint venture projects are valued at GH¢163.91 million.
These investments will significantly improve Ghana’s unemployment situation. A total of 119,578 jobs are expected to be created from the projects registered with the GIPC last year. Some 103,099 of the total jobs expected to be created will be for Ghanaians while the remaining 16,479 are slated for expatriates.
The GIPC is attracting investments from all parts of the world with investors trooping in from far-flung countries such as Britain, the United States, United Arab Emirates, Malaysia, China, South Africa, Lebanon and Italy as well as relatively nearby countries such as Nigeria and South Africa.
All these have won recognition for GIPC worldwide. For instance in 2009 the Centre received the Business Initiative Directions, World Quality Commitment Award (International Gold Star Category) at the World Quality Commitment Convention in Paris in September.
Instructively the GIPC was the only institution from Ghana, among agencies from multilateral agencies and multinationals from 53 countries in Europe, North and South America, Middle East, Africa, Asia and Oceania which were presented with Platinum, Gold, and Silver awards at the World Quality commitment Convention.
In fulfilling its mandate, GIPC engages in several initiatives. One for instance is the organizing of participation in Ghanaian investment missions abroad. Recent countries to which investment missions have been sent include China, the United Kingdom, the United States, Nigeria, South Africa and Belgium (a mission to the European Union). Conversely, the Centre also receives foreign investment missions to Ghana.
The GIPC also engages in workshops, seminars and conferences such as the Oil and Gas Conference for the Transport Sector and a workshop on leveraging the Black Stars Appearance at the 2010 World Cup for New Business Opportunities and Enhancing Brand Ghana, which are just two among many such events held recently.
As part of efforts to create awareness within Ghana itself of the operations of GIPC and investment opportunities around the country, the Centre undertakes investment outreaches. Regions that have already benefitted from such outreach programmes include the Western, Upper West, Upper East and Northern Regions.
However the GIPC’s flagship initiative is the Ghana Club 100 Awards, in which the Centre using quantitative criteria ranks the top 100 primarily private sector owned corporations in Ghana. The most recent edition, the 10th in this series begun in 1998 was the 2010 edition. The annual Ghana Club 100 awards now comes as a climax tot eh GIPC’s Ghana Investment Forum, held to encourage, attract and retain both local and foreign investors and present potential investors the scores of opportunities existing in the country.
The GIPC is currently engaged in a host of new initiatives to further sharpen its ability to attract investment for Ghana’s accelerated economic growth. These include:
• Streamlining the registration of all enterprises operating in the country which fall under the GIPC Act 478 by the introduction of the relationship manager concept.
• Organization of regional outreaches to explain the incentives and guarantees the law has provided.
• Assistance to prepare company profiles for marketing during missions abroad.
• Sponsorship to join promotional missions/conferences.
• Setting up regional offices to bring our offices closer to investors.
• Sector/country specific workshops to ensure all interests are catered for.
• Improving the Centre’s website to make it attractive.
• Purchasing of land for the setting up of Technology parks and facilitates investments.
• Improved internet services to ensure easier communication between investors and the Centre and their counterparts abroad.
• Training of diplomatic staff to offer improved services to investors in countries they are accredited to.
• Aftercare services for existing investors.
• Preparation of sector profiles to market opportunities in each sector.
To be sure Ghana’s liberalized economy offers investors, both local and foreign with a plethora of globally competitive opportunities, which are just waiting to be explored and exploited. Here the GIPC serves as the prime facilitator, for investors, coordinating all the relevant government agencies that interface with private enterprise.
These include the Bank of Ghana, Registrar General’s Department, Ghana Immigration Service; and Ghana Revenue Authority. The GIPC also provides investors with assistance in obtaining immigration quotas and resident permits, in the acquisition of land for setting up of enterprises, in registering and obtaining permits from relevant government agencies such as the Environmental Protection Agency and the National Communications Authority, and in getting certain utilities such as electricity, water and telephone connection.
GIPC’s efforts in attracting and retaining investments are focused by sectors, activity and geography. The following are key sectors and activities that present Ghana’s best market opportunities for investment.
• Agriculture – agric processing, technology and support services.
• Manufacturing – apparel, garments.
• Information Communication Technology/Media – business process outsourcing, back office operations (especially for financial institutions), internet service provision services, manufacturing, assembling and supply of computers and accessories.
• Energy – manufacturing and supply of equipments, providing alternative source of energy (solar, wind), opportunity to partner government to provide energy infrastructure, provision of energy services such as (energy audit & management strategies, power factor correction, tariff analysis etc).
• Petroleum & Gas – upstream activities such as (geographical, equipment supply and or leasing, rig operations, reservoir engineering etc), downstream activities such as (marketing, distribution, transportation and refining of petroleum and its products).
• Tourism – tourist accommodation such as (hotels, rest shops, camping sites), tourist information shops, tourist transport services, tourist travel services, tourism medical services, food and beverage services and entertainment.
• Financial services – credit reference bureaus, savings and loans companies, investment banks, mutual funds, venture capital companies, mortgage finance companies, insurance companies, reinsurance, development banks, universal banks, leasing companies and specialized finance house.
• Real Estate – residential property development, commercial property development and industrial property development.
• Mineral Processing – industrial minerals exploitation and processing. Others – regional head quarters functions, health and education. These sectors do not preclude GIPC from considering major opportunities in sectors to which its establishing act applies.
GIPC’s mission is to attract private domestic and foreign investment to transform Ghana into an industrial and export-led economy through aggressive investment promotion activities. In executing its mission GIPC aims at stimulating increased investments, both foreign and local; facilitating the generation of employment and export opportunities; facilitating the acquisition and transfer of technology; and contributing towards the diversification of the country’s production base.
To this and GIPC engages in providing an array of professional services, and supports local and foreign investors in numerous ways by:
• Initiating and supporting measures that will enhance the investment climate in the country for both Ghanaian and non-Ghanaian companies.
• Promoting investments in an outside Ghana through effective promotion.
• Collecting, collating and disseminating information about investment capital, and advising on the availability, choice or suitability of partners in joint venture projects.
• Registering and keeping records of enterprises.
• Identifying specific projects and inviting interested investors for participating in those projects initiating, organizing and participating in promotional activities such as exhibitions, conferences and seminars for the stimulation of investments.
• Monitoring a liaison between investors and ministries, government departments and agencies, institutional lenders, and other authorities concerned with investments.
• Providing and disseminating up-to-date information on incentives available to investors.
• Assisting investors by providing support services including assistance with permits required for the establishment and operation of enterprises.
• Evaluating the impact of the Centre on investments in the country and recommending appropriate changes where necessary.
• Registering and keeping records of all technology-transfer agreements relating to investments.
• Focusing on established investors in the country through continued communication to help existing business to expand.
• Promoting forwards and backwards linkage between foreign affiliates and local SMEs.
GIPC’s activities have been pivoted in the evolution of Ghana into one of Africa’s most attractive destination for international investment. It has also been instrumented in getting local investors to enter into joint ventures with such international investors.
In 2010 alone the GIPC registered 385 projects with a total estimated value of GH¢1.79 billion. This evidences Ghana’s increasing allure for investors; in 2009, 257 projects were registered with a total estimated value of GH¢867.98 million.
Instructively, in 2010 the Foreign Direct Investment (FDI) commitments made through the GIPC doubled over the previous year, reaching GH¢1.55 billion compared to GH¢771.82 million attracted in 2009. Similarly the local currency component of investments made through the GIPC climbed by 148.6% in 2010 to reach GH¢239.01 million, up from GH¢96.15 million recorded in 2009.
Out of the 385 registered projects, 249 are wholly foreign owned enterprises while the other 136 are joint ventures between Ghanaians and foreign partners. The wholly foreign owned enterprises are valued at GH¢1.63 billion while the joint venture projects are valued at GH¢163.91 million.
These investments will significantly improve Ghana’s unemployment situation. A total of 119,578 jobs are expected to be created from the projects registered with the GIPC last year. Some 103,099 of the total jobs expected to be created will be for Ghanaians while the remaining 16,479 are slated for expatriates.
The GIPC is attracting investments from all parts of the world with investors trooping in from far-flung countries such as Britain, the United States, United Arab Emirates, Malaysia, China, South Africa, Lebanon and Italy as well as relatively nearby countries such as Nigeria and South Africa.
All these have won recognition for GIPC worldwide. For instance in 2009 the Centre received the Business Initiative Directions, World Quality Commitment Award (International Gold Star Category) at the World Quality Commitment Convention in Paris in September.
Instructively the GIPC was the only institution from Ghana, among agencies from multilateral agencies and multinationals from 53 countries in Europe, North and South America, Middle East, Africa, Asia and Oceania which were presented with Platinum, Gold, and Silver awards at the World Quality commitment Convention.
In fulfilling its mandate, GIPC engages in several initiatives. One for instance is the organizing of participation in Ghanaian investment missions abroad. Recent countries to which investment missions have been sent include China, the United Kingdom, the United States, Nigeria, South Africa and Belgium (a mission to the European Union). Conversely, the Centre also receives foreign investment missions to Ghana.
The GIPC also engages in workshops, seminars and conferences such as the Oil and Gas Conference for the Transport Sector and a workshop on leveraging the Black Stars Appearance at the 2010 World Cup for New Business Opportunities and Enhancing Brand Ghana, which are just two among many such events held recently.
As part of efforts to create awareness within Ghana itself of the operations of GIPC and investment opportunities around the country, the Centre undertakes investment outreaches. Regions that have already benefitted from such outreach programmes include the Western, Upper West, Upper East and Northern Regions.
However the GIPC’s flagship initiative is the Ghana Club 100 Awards, in which the Centre using quantitative criteria ranks the top 100 primarily private sector owned corporations in Ghana. The most recent edition, the 10th in this series begun in 1998 was the 2010 edition. The annual Ghana Club 100 awards now comes as a climax tot eh GIPC’s Ghana Investment Forum, held to encourage, attract and retain both local and foreign investors and present potential investors the scores of opportunities existing in the country.
The GIPC is currently engaged in a host of new initiatives to further sharpen its ability to attract investment for Ghana’s accelerated economic growth. These include:
• Streamlining the registration of all enterprises operating in the country which fall under the GIPC Act 478 by the introduction of the relationship manager concept.
• Organization of regional outreaches to explain the incentives and guarantees the law has provided.
• Assistance to prepare company profiles for marketing during missions abroad.
• Sponsorship to join promotional missions/conferences.
• Setting up regional offices to bring our offices closer to investors.
• Sector/country specific workshops to ensure all interests are catered for.
• Improving the Centre’s website to make it attractive.
• Purchasing of land for the setting up of Technology parks and facilitates investments.
• Improved internet services to ensure easier communication between investors and the Centre and their counterparts abroad.
• Training of diplomatic staff to offer improved services to investors in countries they are accredited to.
• Aftercare services for existing investors.
• Preparation of sector profiles to market opportunities in each sector.
To be sure Ghana’s liberalized economy offers investors, both local and foreign with a plethora of globally competitive opportunities, which are just waiting to be explored and exploited. Here the GIPC serves as the prime facilitator, for investors, coordinating all the relevant government agencies that interface with private enterprise.
These include the Bank of Ghana, Registrar General’s Department, Ghana Immigration Service; and Ghana Revenue Authority. The GIPC also provides investors with assistance in obtaining immigration quotas and resident permits, in the acquisition of land for setting up of enterprises, in registering and obtaining permits from relevant government agencies such as the Environmental Protection Agency and the National Communications Authority, and in getting certain utilities such as electricity, water and telephone connection.
GIPC’s efforts in attracting and retaining investments are focused by sectors, activity and geography. The following are key sectors and activities that present Ghana’s best market opportunities for investment.
• Agriculture – agric processing, technology and support services.
• Manufacturing – apparel, garments.
• Information Communication Technology/Media – business process outsourcing, back office operations (especially for financial institutions), internet service provision services, manufacturing, assembling and supply of computers and accessories.
• Energy – manufacturing and supply of equipments, providing alternative source of energy (solar, wind), opportunity to partner government to provide energy infrastructure, provision of energy services such as (energy audit & management strategies, power factor correction, tariff analysis etc).
• Petroleum & Gas – upstream activities such as (geographical, equipment supply and or leasing, rig operations, reservoir engineering etc), downstream activities such as (marketing, distribution, transportation and refining of petroleum and its products).
• Tourism – tourist accommodation such as (hotels, rest shops, camping sites), tourist information shops, tourist transport services, tourist travel services, tourism medical services, food and beverage services and entertainment.
• Financial services – credit reference bureaus, savings and loans companies, investment banks, mutual funds, venture capital companies, mortgage finance companies, insurance companies, reinsurance, development banks, universal banks, leasing companies and specialized finance house.
• Real Estate – residential property development, commercial property development and industrial property development.
• Mineral Processing – industrial minerals exploitation and processing. Others – regional head quarters functions, health and education. These sectors do not preclude GIPC from considering major opportunities in sectors to which its establishing act applies.
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