The Chief Executive Officer of Ghana Investment Promotion Center (GIPC) Mr. |Yoofi Gran has urged Ghanaian business men and women to improve on their ranking of doing business with foreign companies to convince them establish more business here to help create jobs for the youth in order to reduce the high level of unemployment in the country.
Our mother Ghana is not just situated in the middle of the world, but we are also blessed with natural resources which we must position ourselves very well to attract foreign investors to help achieve our target of becoming a business hub in the West African sub – region.
Mr. Yoofi Grant asserted that we need to change the structure of our economy to convince investors to invest here specially our neighboring countries. The center is mandated under section 26 of the GIPC act 865 of the constitution to grant import duties and exempt Value Added Tax. Recently in his visit to the Tema harbor the vice president, Dr. Mamudu Bawumia, made it known that government is putting in massive mechanism in place for us to have a paperless transaction in our various ports and harbor.
This will make transactions in our ports more easier and also promote anti corruption within our business transactions, he made this known in an interaction with the media when the center hosted business leaders in a breakfast Meeting series; dubbed “Ghana on TheGo” at the Mövenpick Ambassador Hotel in Accra.
This edition of the quarterly event was titled, ‘Policy Update: Ghana’s Tax Exemption Regime’ and convened to update the business and diplomatic community on the implementation of the
new tax exemptions policy introduced in April 2017. The meeting also provided, diplomats, and business owners an open platform to engage policy makers on their experience with the new regulations.
Also in attendance was the Director of Financial Investment Division at the Ministry of Finance,
Mr Samson Akligoh, who also stated that it has come to the notice of the ministry that the TAX exemption system is being abused by some of their clients this has made the ministry put in place mechanisms that will check and curb this malpractices which is going on in the system to make the country more business friendly than ever.
ABOUT THE GIPC CEO’S BREAKFAST MEETING
Introduced in 2013, the quarterly series is held to engage the Ghanaian business community on government policy deliberations and decision-making, and to ensure adequate representation of their views and concerns.
In the first quarter of 2017, the event was rebranded to reflect the new direction and vision of the Centre. The first edition of the ‘Ghana on the Go Breakfast Meeting’ series was convened to review the 2013 GIPC Act, its impact, and suggestions for improvement.
The outcomes of the event further underscored the need for continuous engagement with the private sector and other key stakeholders on current business challenges and opportunities to produce dynamic and innovative solutions aimed at ensuring that Ghana becomes the best place to do business in Africa.
THE NEW TAX POLICY
The government, through its 2017 budget issued a directive for all companies which qualify for exemption to pay the duties upfront and then apply for a refund. The new rules were implemented in April 2017.