The Ghana Investment Promotion Centre (GIPC) has initiated processes to acquire 200 acres of land at Ahanta in the Western Region, to be leased to investors to develop industrial parks.
Consequently, the GIPC has been engaging with the Lands Commission to finalise all the necessary administrative and documentary procedures to facilitate the acquisition of the facility.
Mr George Aboagye, Chief Executive Officer of the GIPC announced this when he presented the programmes and policies of the government aimed at improving the country’s business environment.
It was on the topic: “Initiatives to improve Services to Investors,” at a luncheon organised by the GIPC and the Ghana Chapter of the American Chamber of Commerce (AMCHAM) in Accra on Wednesday.
Mr Aboagye said the GIPC had embarked on the initiative to ensure that land, which formed the basic core of a company’s capital, was available for investors who would want to establish business entities along the country’s oil rig.
He said so far the administrative and documentation processes were going on smoothly adding that the GIPC expected to acquire the facility long before the start of the oil exploration which, was expected to begin in the last quarter of this year.
He said ensuring that land was available for business purposes, the process would not be limited to only the Ahanta area, saying the GIPC would henceforth engage in the acquisition of lands at strategic places to serve as land banks to reduce the difficulties investors went through to set up businesses.
Acquiring land for business development, just like access to finance, remains a major problem for investors, Mr Aboagye noted.
He said the GIPC’s latest initiative coupled with the efforts of the government’s Land Administration Management Project would address as well as reduce problems of land acquisition.
Mr Aboagye told the AMCHAM members that government had put in place favourable laws in addition to the international trade regimes that safeguarded the interests of investors.
“There is also continuous revision of the trade laws to be in-tune with changing trends in business development.”
He said the country had also restructured her banking and financial sector, which had led to the setting up of more banks to ensure the availability of funds at affordable rates for investors.
He mentioned schemes such as the Venture Capital Fund, the Ghana Private Sector Development Fund and the Export Development and Investment Fund, as some of the major initiatives by government to ensure availability of funds for specific investment purposes.
Mr Aboagye said the government was also undertaking reforms in the public sector, established the Ghana Community Network and pursuing favourable foreign trade policies to enhance and improve public sector performance and create regional integration to widen markets for products.
“There are also massive infrastructural developments taking place to facilitate movement of goods and services,” Mr Aboagye said.
He told the investors that the GIPC had signed a Memorandum of Understanding with strategic local and international trade and investment organisations to promote trade, and urged the AMCHAM members to increase their investment in the country.
Mr Donald Teitelbaum, US Ambassador, called for a levelled playing field for all business interests in Ghana to promote fair competition.
He said US companies and investors preferred competition because they produced quality products, which were favourites of consumers.
Mr Nick Kyei-Baffour, Vice President of AMCHAM thanked government and the GIPC for the laudable investment opportunities, adding AMCHAM members would take advantage of the opportunities to improve their operations.
Mr Kyei-Baffour called on members of AMCHAM and other investors to engage in sound practices to get the best out of their investments.
He said the AMCHAM had embarked on a membership drive to increase its representation and called on others to join it.
The AMCHAM later presented a cheque for GH¢10,000,000 to the Golden Heart Trust Fund, a local non-governmental organisations, which supports whole-in-heart patients to boost its activities.