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Business and Economics

Trade Minister inaugurates GIPC Board

Accra, Jun 03, GNA -Mr Haruna Iddrisu, the Minister of Trade and Industry, has appealed to the newly constituted 10-member Ghana Investment Promotion Council (GIPC) board to establish a One-Stop-Shop for investments within 45 days.

Accra, Jun 03, GNA -Mr Haruna Iddrisu, the Minister of Trade and Industry, has appealed to the newly constituted 10-member Ghana Investment Promotion Council (GIPC) board to establish a One-Stop-Shop for investments within 45 days.

 

The Minister said the board needed to launch an “offensive attack on investment” and work tirelessly to attract Foreign Direct Investment into deprived areas of the nation.

Speaking at the inauguration on Tuesday, Mr Iddrisu said the establishment of the ‘one-stop-shop’ would reduce bureaucracy and ease cost of doing business.

He assured the board members of political and financial support to enable them deliver on their mandate and encourage domestic competitiveness among local entrepreneurs to increase export.

“It must be possible for a company wanting to do business in the country to be able to process its particulars within 28 to 48 hours,” he said.

The three-day National Economic Forum at Senchi near Akosombo called on the government to establish a One-Stop-Shop for investments, electronic templates to simplify business processes and streamline the activities of the GIPC.

The board was also expected to re-examine tax exemption regime, check tax leakages and ensure companies submit annual reports on regular basis.

The Minister reminded the board not to reduce investment promotion to only attracting foreign direct investment but also the promotion of local investment to create more jobs.

He added: “The GIPC has a role to play in the job creation drive of the President and there are many underdeveloped areas in our economy”.

Board chairman, Dr Michael Agyekum Addo, who is the Chief Executive Officer of Kama Group Limited, said the board would work to make sure Ghana’s interest was fully protected in all dealings and engagements.

He said the board would strive to identify investment opportunities for the local entrepreneur and promote investment in the deprived areas.

Dr Addo called for a legal frame work that could create trust in investors but added that a lasting solution to the erratic power supply facing the nation was required for efficient performances of businesses.

Other members of the board are Mr Edwin Nii Lantey Vanderpuye, outgoing Deputy Minister of Trade and Industry, Mr Millison K. Narh, Deputy Governor of Bank of Ghana, Mrs Mawuena Trebah, Chief Executive Officer of GIPC, Nana Osei Bonsu, Private Enterprises Federation.

The rest are Dr Regiona O. Adutwum of the National Development Planning Commission, Mrs Irene Demanyah, Ms Gwenda Sam, Mr Aaron Dickson and a Deputy Minister of Finance.

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