According to the association, the development which in its view has been given little attention over the years, has affected local businesses adversely.

Per Section 27 of the GIPC Act 865, “A person who is not a citizen or an enterprise which is not wholly owned by a citizen, shall not invest or participate in the sale of goods or provision of services in a market, petty trading or hawking or selling of goods in a stall at any place,”

Other areas highlighted include; the operation of taxis or car hire service in an enterprise that has a fleet of less than 25 vehicles, the operation of a beauty salon or a barber shop as well as the printing of recharge scratch cards for the use of subscribers of telecommunication services.

Speaking to Citi Business News on the matter, Executive Member of GUTA, Benjamin Yeboah bemoaned the dominance of foreigners in the Ghanaian markets despite laws to protect locals, hence stated that the law must be enforced before any review of the law is done.

“This GIPC law Act 865 was reviewed in 2013 and GUTA played a big role in that in helping to make sure that certain portions were reviewed. We now have all that we have been crying for all these years but there should be enforcement of the law which hasn’t happened so GUTA will keep putting that pressure on each government that comes in to enforce the law”

He added that while the current laws need enforcement any review of the law should be done in consultation with all relevant stake holders.

“The law hasn’t been put to work much because as you know the foreigners are still in the market because we so we say that if there should be any amendment of the law we should know because there are certain portions which are very sensitive to us”.

Meanwhile the Ghana Investment Promotion Center (GIPC) is calling for calm amongst members of the Ghana Union Traders Association (GUTA).

In an interview with Citi Business News, the CEO of the GIPC, Mr. Yoofi Grant assured any review of the law will be done in consultation with the concerned stake holders to protect their interest.

“At this point we haven’t gotten to the point where we will say we are taking anything out of the law or adding anything to it we are still in consultation we want to broadly exhaust the debate and listen to all sides pertinent to that decision, so I won’t say this is what is going to happen to it or this is not going to happen.”

According to Mr Grant, the GIPC is working in the best interest of Ghanaian businesses to make sure they dominate the greater part of the economy

“We are also looking to see that Ghanaians participate in the juiciest part of the economy that is where we have a strategic advantage”.

He added, “I think it was stated in the last budget that by the end of this quarter, we should be looking to commence the process and the process is not just taking the law; there is going to be a drafting of the new law and then it’s going to go to the economic management team and they will look at it and see whether it is in line with our economic development plan or not”.

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By: Anita Arthur/citibusinessnews.com/Ghana

The post GUTA demands consultation in review of GIPC law appeared first on Citi 97.3 FM - Relevant Radio. Always.

According to him, the Nana Akufo-Addo government is bent on revamping the Ghanaian economy with or without such external support.

Speaking on the Citi Breakfast Show on Thursday, a day after the Finance Minister presented the 2018 budget to Parliament; the GIPC boss said they will do everything possible to boost Ghana’s economy.

[contextly_sidebar id=”6mTFauuT0pYMzPIM9ySo4Y0ACW4xq9ZC”]“With or without the IMF, I can confidently and comfortably say that here is a government and a Ministry of Finance which says with or without the IMF we are going to do the right things to put the economy on a trajectory of sustainable and irreversible growth. That is going to be challenging, and we will do it. That is the track where we are going,” he added.

Background

Despite its criticism of Ghana’s three year programme with IMF while in opposition, the NPP government allowed an extension of the programme for a year.

Per the new agreement, the programme will now end in April 2019, and Ghana will receive an additional 94 million dollars disbursement.

A Deputy Minister of Finance, Kwaku Kwarteng, had earlier disclosed that they accepted the extension under duress.

“…The IMF has been around for two years and they the IMF are now telling us that the programme has underperformed, and so we should now extend it. We didn’t think we needed that. So when we expressed that view to them… what we didn’t anticipate was the response we subsequently got from the IMF. It was that if we do not extend, then there is no way we were going to achieve the objectives of the programme so they will end the programme today,” he said.

Government has since been lambasted for agreeing to the extension especially after they criticized the Mahama government for the programme, which led to a freeze on wholesale public sector recruitment, among other things.

Some analysts say the NPP’s audacious social intervention programmes will adversely be affected because the IMF frowns on such initiatives.

NPP gov’t defies IMF

Also speaking on the Citi Breakfast Show, editor of the Financial Post newspaper, Toma Imihere, said government has defied some of the IMF’s directives.

“The government has decided to defy the IMF and adopt a fiscal consolidation pace which is actually slower than what the IMF has been insisting on in order to be able to create a certain level of growth. The IMF attitude has been just to fast-track the fiscal consolidation and get back on an even key. This government has decided that if you try to do that, by the time you’ve achieved your stability, you don’t have any industry or economy left. And I’m happy that the government has taken that decision.”

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By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post NPP gov’t can manage economy without IMF – Yofi Grant appeared first on Citi 97.3 FM - Relevant Radio. Always.

Speaking on the Citi Breakfast Show, the Centre’s CEO, Yofi Grant, said the Centre has not put forth any concrete policy in that regard.

[contextly_sidebar id=”oBjttvMzc8RfcFAjnCwoqb7gBykVzrZS”]During the Citi Business Festival‘s investment forum on Tuesday, he had intimated that, GIPC will no longer reserve the retail sector for Ghanaians as a means of incentivizing them to move into critical sectors of the economy, such as production and manufacturing.

Mr. Grant argued that, it was time for indigenous businesses to expand their operations and move beyond the retail sector, which is mainly made up of the sale of imported goods, and petty trading.

But throwing some light on the development, he explained that “Government has not yet indicated that we are necessarily going to remove the laws. GIPC as the investments promotion agency constantly reviews its laws to make them more effective in driving investment both internally and externally, and also plays a role in making sure Ghana achieves the economic targets it has put in place.”

“So what we have been doing is having these stakeholder engagements with various sections of the population trying to find their views on some of these suggestions in the light of the fact that the President has clearly articulated that Ghana should become the best place to do business in Africa in the medium-term.”

Mr. Grant was coming off a meeting with the Ghana Union of Traders Association (GUTA) on Wednesday, who have expressed some concern with this proposed direction. The GIPC CEO, however said he had ironed out issues with the union.

“I did indicate to them clearly that it is not a policy. It is putting out what the suggestions are to amend our laws to make the economy more vibrant. But the import of the statement was not even protectionism, the import of the statement was; how do we support our enterprise to grow?”

Focus on foreign capital

Mr. Grant also addressed concerns that the GIPC was skewed towards foreign investors. According to him, this perception existed because only foreign investors are mandated to register with the GIPC.

“The only reason it seems like GIPC focuses on foreign investors is that, any foreign investor to this country needs and shall have to register with GIPC, but the indigenous businesses only do so if they require the incentives that GIPC gives,” Mr. Grant explained.

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By: Delali Adogla-Bessa/citifmonline.com/Ghana

The post Plans to open up retail sector only a suggestion – Yofi Grant appeared first on Citi 97.3 FM - Relevant Radio. Always.

The two, however, remain members of group. A statement issued by OccupyGhana thanked the two for their service to its anti-corruption campaign, and wished them well in their new endeavors.

George Andah and Yofi Grant who were active members of the group, are now serving in the New Patriotic Party (NPP) government.

While Yofi Grant is now serving as the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), George Andah is the Deputy Minister for Communications, and MP for Awutu-Senya West.

OccupyGhana is a social and non-partisan pressure group which has as its mandate a commitment to ensuring that Ghana develops to its full economic potential.

Although the group claims to be non-political, some members of the opposition National Democratic Congress (NDC) have alleged that the group is a pro-NPP group.

Read the full statement below:

RESIGNATION OF NENYI GEORGE ANDAH AND YOFI GRANT FROM OCCUPYGHANA EXECUTIVE COUNCIL

OCCUPYGHANA wishes to formally announce the resignation of Nenyi George Andah and Yofi Grant from its Executive Council.

Nenyi and Yofi however remain members of OccupyGhana and will carry to their respective new endeavours, the core values and ideologies of OCCUPYGHANA, promoting good governance and abhorring corruption.

We thank them for their past and continued dedication to the OCCUPYGHANA cause and wish them very well in their new endeavours.

Yours in service for God and Country

OCCUPYGHANA

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By: Jonas Nyabor/citifmonline.com/Ghana

The post Yofi Grant, George Andah resign from Occupy Ghana executive council appeared first on Citi 97.3 FM - Relevant Radio. Always.