Ghana investment centre sets up taskforce on investment regulations

A 12-member re-constituted national taskforce to monitor activities of foreign traders in the northern sector of the country was on Friday inaugurated in Kumasi.

The taskforce is to ensure that the country’s investment regulations were respected by non-Ghanaian businessmen and women.

Mr George Aboagye, Chief Executive Officer (CEO) of Ghana Investment Promotion Centre (GIPC) said the taskforce was in response to reports made by members of the Ghana Union of Traders (GUTA) that some foreign investors and traders operating in the country were flouting the country’s investment laws.

He also said it was alleged that those investors either had not registered their investments as required under the Act, or had done so but were not complying with stipulated conditions.

The CEO added that there had also been claims that some foreign traders have been evading the payment of taxes as well as flouting the country’s employment regulations.

Mr Aboagye, therefore, charged the taskforce to carry out their responsibilities with apt and report any anomalies for redress.

The Act (Act 478) under clause “18” says “the sale of anything whatsoever in the market, petty trading, hawking or selling from a kiosk at any place is a wholly reserved activity for Ghanaians.”

The composition of the taskforce includes representatives from the Ministry of Trade and Industry, Custom Excise and Preventive Service
(CEPS), Ghana Immigration Service (GIS), Social Security and National Insurance Trust (SSNIT), GUTA and GIPC.

Mr George Amankwaah, the President of the Suame Magazine Industrial Development Organization (SMIDO), said the taskforce was an appropriate measure to help flush out bad nuts in the retail trade.

He appealed to members of GUTA and other stakeholders to team up with the committee to ensure the success of the exercise.

Mr Pius K Addae, Acting Director in-charge of Registration and Monitoring of GIPC, is the taskforce chairman.

Source: GNA