Ghanageria Rising Postponed to May 10, 2018

The first edition of the Ghana Nigeria Business Conference dubbed “Ghangeria Rising” to take place at the Kempinski Gold Coast City Hotel on 28th and 29th March 2018 has been rescheduled to Thursday  May 10, 2018.

 This first edition will focus on experiences, opportunities and challenges in the agribusiness, banking and finance, oil, power and gas, information, communication and Technology (ICT) sectors.

 It will also discuss the initiatives of the Ghanaian and Nigerian governments to address the barriers to trade, business and investment between the two countries and propose pragmatic ways to accelerate them.

The much anticipated event is expected to boost trade and investment between the two countries and their business communities.

 Source: GIPC Corporate Affairs

Projects For Partnerships- Establishing A Modern Cocoa Processing Plant

 

AGRO-PROCESSING
Name of the company

LifeStar Cocoa Processing Ltd

 Nature of business

Cocoa processing
Status/ Intention

Expansion/diversification

 Type of cooperation sought

Equity/ Loan  (US$ 1.5 million)

The project entails the establishment of a modern cocoa processing factory to process cocoa beans (at a production capacity of 500kg/hr of cocoa beans).  The final products- cocoa powder, cocoa butter and cocoa liquor- will be exported and sold on the local markets in light of the huge demand for them.  The processing facility will have the capacity to process 15000 metric tons annually.

 Value addition has been a long-standing national goal in enhancing earnings from the cocoa industry. However, currently over ninety percent of raw premium quality cocoa beans from Ghana are exported with only ten percent available for processing locally. Total installed capacity for processing cocoa is 343,000 metric tons and an additional installed capacity of about 350,000 metric tons is required to reach the country’s projected 50% processing capacity.

Also, the production of cocoa in Ghana is increasing with estimated output of 968,000 metric tons in 2016 compared to 710,000 metric tons in 2009 and 904,000 metric tons in 2010. Ghana also benefits from bilateral preferential market access conditions under the Generalized System of preferences and the African Growth and Opportunity Act (AGOA). Therefore, there is guaranteed supply of raw materials and available market for the output of the company.

 The project sponsor presently engaged in the production of cocoa products, buys grinded cocoa powder from the Cocoa Processing Company (CPC). Offices are located in Tema, with the site for the processing plant located at Dodowa, near Adenta, approximately 15 km from Tema.

 Source: GIPC, Research & Business Development

Consider Ghana As Your Investment Destination – Yofi Grant To Indian Investors

The CEO of GIPC, Mr. Yofi Grant has urged potential Indian investors to consider Ghana as their preferred destination for investment in West Africa.According to him, Ghana has limitless investment opportunities with a stable economic and political environment which makes doing business easier.

 “It is projected that if things work out as it should, then over the next five years Ghana will achieve 9% average in GDP growth. There are additionally some other amazing things. The government of the day has been able to reduce deficit from 9% GDP to 6.5% and we are on track to achieve single digit inflation”, he stated.

 Mr Grant was speaking at an exclusive interactive session with some members of the Ghana delegation at the International Solar Alliance (ISA) Founding Conference and Solar Summit in New Delhi earlier this month.

The principal objective of the conference is to create a collaborative platform for increased deployment of solar energy technologies to enhance energy security and sustainable development, and improve access to energy and opportunity.

 The summit which hosted 25 Heads of State and Government saw in attendance president Nana Addo Dankwa Akufo-Addo. It provided a platform for co-operation amongst solar resource-rich countries, with the purpose of realizing the common goals of increasing the use of solar energy in meeting the energy needs of ISA member countries in a safe, convenient, affordable, equitable and sustainable manner.

 Other members of the delegation include the Ghana High Commission of Ghana to India, HE Mike Ocquaye Jnr.; Deputy Minister of Energy, Mr William Owuraku Aidoo; Minister of Trade and Industry, Mr Alan Kyeremanten, and the President of the Ghana National Chamber of Commerce, Nana Dr. Appiagyei Dankawoso.

 At a side meeting, the President of the Ghana Chamber of Commerce, Nana Dr Appiagyei Dankawoso signed a MoU with the PHD Chamber of Commerce and Industry to inaugurate the Indo-Ghana Chamber of Commerce.

Source: GIPC Corporate Affairs

We Are Ready To Partner You’- GIPC Engages on TTA’s (Technology Transfer Agreement)

The Head of the Ghana Investment Promotion Centre’s (GIPC) – Legal Division, Mrs. Naa Lamle Orleans-Lindsay, has expressed the Centre’s readiness to work with related stakeholders to ensure compliance of technology transfer (TTA) regulations in the country and also review its structure to ensure efficiency. This was during the Centre’s 1st Quarter ‘Ghana On The Go’ CEOs’ Breakfast Meeting on the theme “Technology Transfer Regime: The Public and Private Sector Convergence”.

“We are willing to work in close collaboration with the Bank of Ghana and the Ghana Revenue Authority to ensure compliance of technology transfer legislations. We are also ready to work in

close collaboration with financial institutions to ensure compliance by companies through GIPC Act 865 and L.I. 1547”, she said.

The event which brought together captains of industry, companies in the Ghana Club 100, and members of the diplomatic community, was organized to provide perspective on best practices for business owners in the drafting, development and implementation of TTA’s.

 Under GIPC legislation a technology transfer agreement refers to an agreement with an enterprise which involves:

  • assignment, sale and licensing of all forms of industrial property e.g. patents, industrial designs and trademarks
  • provision of technical expertise e.g. feasibility studies, plans, diagrams, models formulae
  • provision of technical know-how
  • provision of managerial services and personnel training between a company in Ghana (Transferee) and a company outside Ghana (Transferor)

 She said services such as industrial property, technical expertise, knowhow and managerial services were the four general areas under the GIPC law that needed to be registered adding, “So if there is such an agreement between a local company and a foreign company covering any one or more of these services, the company must register such an agreement with the GIPC”.

 The law insists that if the services a company needs are available in Ghana, that service cannot be the subject of a TTA, where same is paid for through transfer of money outside the country.  The law seeks to encourage local companies to use local services.

 “Transfer of fees is a key issue; local companies are converting their revenue to foreign currencies and taking it out of the country, and this has a huge effect on the Ghana cedi. We are talking about millions of dollars here; the average company that comes to the centre makes $3 to $4 million dollars averagely per annum and some are transferring $15 to 20 million yearly under these agreements”, she added.

 Mrs. Orleans-Lindsay, however, mentioned that there were some challenges with the registration and implementation of the TTA’s such as the delays in submission to GIPC, constrains to quick review of TTA by the Centre, and the requirement of second regulatory approval for renewal for TTA’s.

 Nevertheless, she said, failure to register a TTA with the GIPC was a breach of the GIPC Act 2013, Act 865 and L.I 1547 which was liable to a summary conviction.

 Additionally, a company which fails to register its TTA with the GIPC cannot legally transfer fees and charges to the Transferor in relation to technology transferred.

 “The GIPC may also suspend, cancel or revoke the registration and advise Bank of Ghana to suspend any remittance and incentives granted to the company among others if you fail to register”, she added.

 Speaking to the press at the event, Mr Yofi Grant, Chief Executive Officer of GIPC, explained that under the GIPC’s Technology Transfer Regulation, 1992 (L.I 1547), it is expected that such services and agreements between  two companies should  be registered and paid for.

The Head of Transfer Pricing Unit of the Ghana Revenue Authority, Mr. Kwame Owusu, also shed light on how some companies were flouting the law.

He encouraged companies to stop flouting the law and register their agreements with the GIPC.

Source: GIPC Corporate Affairs

AU Continental Free Trade Agreement- What Ghana Stands To Gain

Forty Four African heads of state and government officials on March 21 2018, signed the framework to establish the African Continental Free Trade Agreement (AfCFTA). The AfCFTA is an agreement advanced by the African Union (AU) that will create the largest free trade area in the world and is one of the flagship projects of the AU Agenda 2063, which is a long-term development program urging for closer African integration by facilitating the flow of goods and people throughout the continent.

It is believed that the AfCFTA if fully implemented, could increase intra-African trade significantly and promote structural transformation by providing a lever to industrial development in African economies. However, is Ghana ready to compete in a single continental market with other African countries?

According to The Washington Post, by 2030, Africa may emerge as a $2.5 trillion potential market for household consumption and $4.2 trillion for business-to-business consumption. The treaty would result in a unified market of over 1. 2 billion people, with a combined gross product of over US$3 trillion the African Union have stated.

Creating one African market will prioritize goods and services invariably leading to the creation of job opportunities.

What Ghana Stands To Gain

So what does Ghana stand to gain from the AfCFTA? Some of the benefits Ghana will derive from a free trade market include:

  • A variety of goods and services
  • Huge market outlet
  • Reduction of market fluctuations
  • Huge job opportunities resulting from the market boom

A free trade agreement will also increase Africa’s competitiveness and boost Ghana’s manufacturing sector. It is expected to spur economic growth in Ghana, boost industrialization, and improve infrastructure development and business diversification. The Ministry of Trade and Industry (MOTI) will be the institution responsible for the implementation of the AFCFTA in Ghana. This week, the Ghanaian Parliament has recalled members for an emergency sitting to deliberate over the AFCFTA to for possible rectification.

It will be an enabler to attract foreign direct investment (FDI) into Ghana and the continent as a whole. Ghana has much to gain from the AfCFTA as it might help wean Africa off foreign aid; an initiative that His Excellency Nana Akufo-Addo strongly advocates for in his ‘Ghana Beyond Aid’ campaign.

Source: GIPC Corporate Affairs

GIPC Wins Again at AIM 2018 Investment Awards

The Ghana Investment Promotion Centre (GIPC) has yet again won the award for Best Investment Promotion Agency in West and Central Africa.The award, received at this year’s Annual Investment Meeting (AIM) 2018 Investment Awards Gala Dinner, held on 9th April 2018 at the Burj Khalifa in Dubai, is the third in a row received by the Centre at the annual event. Previous first place awards received by the Centre were in 2016 and 2017.

 The GIPC in collaboration with the Ghana Embassy in the UAE (including the Ghana Consulate in Dubai), Dubai Business Chamber, the Ghana Free Zones Authority and the Ghana Gulf Chamber of Commerce and Industry, is currently on an investment promotion mission to the UAE from 6th to 14th April 2018, themed ‘Linking Development And Emerging Markets Through FDI: Partnerships For Inclusive Growth And Sustainable Development’.

 The over 30-member private and government sector delegation, led by the CEO of GIPC – Mr. Yofi Grant,  attended the Annual Investment Meeting (AIM) 2018.

 As part of the itinerary, the delegation on 8th April 2018 met with the executive management and members of the Abu Dhabi Business Chamber in Abu Dhabi. The session which ended with business to business engagements, was highly welcomed and acknowledged as the first time Ghana has initiated such an engagement in Abu Dhabi and with the Chamber.

 The week-long mission also involved the delegation holding high level meetings with potential strategic investors and participants in a Ghana Dubai Business Forum organised in collaboration with the Dubai Business Chamber on 12th April 2018.

 Mr. Yofi Grant also chaired a high-level panel on Investing in Africa at the AIM 2018 conference.

 The Annual Investment Meeting (AIM) 2018 is an initiative from the UAE Ministry of Economy. It is the region’s first Emerging Markets FDI-focused event to offer a perfect blend of trade fair and intellectual features aimed at enriching Institutional, corporate and individual investors attending with a comprehensive set of guidelines for their future investment decisions in high growth regions.

Source: GIPC Corporate Affairs Division

GIPC Poised To Achieve $10bn FDI Target This Year

Ghana Investment Promotion Centre (GIPC) has said it is confident of meeting its 2018 target of registering foreign direct inflows to the tune of $10 billion. The amount, when achieved would represent 100 percent more than last year’s target of $5 billion by the Centre. Out of the $5 billion targeted last year the Centre pooled $4.91 billion representing almost 100 percent of the target.

But GIPC’s CEO, Yofi Grant, addressing the media at the 1st quarter edition of the ‘Ghana On the Go’ CEOs Breakfast Meeting for 2018, on the theme, “Technology Transfer Regime in Ghana: The public and private centre convergence,” said investor confidence in the economy is still very high.

“We have met many of those investors who say we need reforms – most of which have begun, the digital addressing system, paperless port project to boost trade, and paperless business registration and still counting. These reforms, we will ensure are done to make Ghana a better place to do business,” he said.

He explained that technology transfer regime, is usually an agreement, backed by law with GIPC as the regulator and is a relationship between an indigenous company and its parent company abroad or external company, where there is a provision of some service from the external company to its local subsidiary in Ghana.

“So at the GIPC, there is the expectation that such services and agreements between the two companies must be registered and paid for, according to GIPC’s technology transfer regulation, 1992 (L.I 1547)” he said.

Mr. Grant however explained that many companies do not comply with such regulations, making the country lose out on monies which are supposed to be paid to the GIPC.

“A check from the GRA indicates a certain ‘big’ company in Ghana, with a powerful external partner has been making losses for the past six years yet they are still in business. Because they get compensated in many other different ways, etc.” he disclosed.

GIPC’s Head of Legal, Mrs. Naa Lamle Orleans-Lindsay, indicated, “It is important to ensure that the regulation is understood and what it is purported to do. The importance is that, many local companies contract these services with their foreign partners, and are charged for services rendered to them by their partners.”

She maintained that such charges, are sometimes so high that there must be a supervisor to check what the local company is paying for.

“That can only happen when such contracts and agreements are registered with the GIPC because in there is also the issue of transfer pricing,” she added.

 Source: myjoyonline.com

Bawumia Wants Ghana to Become Pharmaceutical R&D Hub in Sub-Region

Vice-President Dr. Mahamudu Bawumia has tasked all players in the pharmaceutical industry to work toward making Ghana the go-to destination in all things pharmaceutical in the sub-region.

“I urge all the players in the pharmaceutical sector, including the private sector, to pull resources together to turn Ghana into a vibrant pharmaceutical research and development and production hub,” he said.

Speaking at the maiden Ghana Pharma Awards which came off in Accra last week, Dr. Bawumia noted that this will not only support healthcare delivery but also provide jobs and their associated benefits to millions in Ghana.

The Vice-President added that it is about time government earmarked a zone within a suitable location to be developed into an industrial park exclusively for pharmaceutical industries.

“This will lead to a generation of modern pharmaceutical manufacturing facilities which would be in the most competitive position to meet all current international Good Manufacturing Practices (GMP) standards, including the WHO-Prequalification standards; and to produce high-quality affordable medicines not only for local consumption, but also for export into the world market,” he added.

Government, according to Dr. Bawumia, is currently looking at the Ghana Pharmaceutical Sector Development Strategy document, and will consider the proposal to set up a National Bio-equivalence Centre in collaboration with the Pharmaceutical Society of Ghana, Pharmaceutical Manufacturers Association and other stakeholders.

Extend services to rural areas

Dr. Bawumia, in acknowledging the support of the pharmaceutical society in helping improve healthcare delivery in the country, urged the industry players including the Pharmaceutical Society of Ghana to extend their services to the rural and deprived areas in the country.

“Most of our rural communities do not have any means of access to pharmaceutical services delivery unless they travel long distances. This development impedes the objective of making healthcare delivery easily accessible to all Ghanaians, with ramifications for attainment of the SDGs.”

The award winners

The Ghana Pharma Awards recognise excellence and provide recognition throughout the entire supply chain in the Pharmaceutical Industry. The purpose is to celebrate thinkers and creators, and serve as a strong advocate for individuals and companies that are committed to driving the industry forward.

The maiden edition came off the back of the University of Ghana School of Pharmacy’s 10th anniversary celebration.

The School of Pharmacy (SOP), University of Ghana presented some ‘Special Recognition Awards’ to its members. They are Founding Provost, Prof. Seth Ayittey; Founding Provost at inception of SOP, Prof. Clifford Nii Boi Tagoe; Founding Dean, Prof. Arthur Commey Sackeyfio; Honorary Award as Immediate Past-Dean, Prof. Alexander K. Nyarko; Founding Faculty Officer, Bernice Tamakloe; First Senior Member, Dr. Ofosua Adi Dako; First Senior Staff, Phyllis Dossah; First Junior Staff, Samuel Acquah; and Longest Serving Visiting Lecturer, Prof. Isaac Asante.

For the Industry Leadership Awards, winners include Ghana Standard Authority, Food and Drugs Authority, Pharmaceutical Society of Ghana, Chamber of Pharmacy Ghana, Pharmacy Council, Ghana, and Pharmaceutical Manufacturers Association of Ghana.

Others winners include Harrison Kofi Abutiate for the Lifetime Achievement Award; Benjamin Kwame Botwe, Outstanding Leadership Award; Lydia Alhassan, Woman of Excellence Award; Aide Chemist, Emerging Brand of the Year; Rajesh Wadhwani, Supra Pharmacy, Promising Entrepreneur of the Year; Richard Acheampong, Rokmer Pharma, Promising CEO of the Year; Tinatett Herbal Company, Promising Herbal Company of the Year; and Kofikrom, Promising Company of the Year.

The rest are Brand of the Year, Ernest Chemists; Entrepreneur of the Year, Ernest Bediako Sampong, Ernest Chemists; Personality of the Year, Gopal Vasu-M&G Pharmaceuticals; Outstanding Contribution to the Pharmaceutical Industry, Dhananjay Tripathi, Pharmanova; Company of the Year, Tobinco Pharmaceuticals; and CEO of the Year, Ernest Bediako Sampong, Ernest Chemists.

  Source: thebftonline.com

Ghana Committed to Increase Solar Power — Akufo-Addo

President Nana Addo Dankwa Akufo-Addo says the government is committed to increasing the contribution of solar power in the country’s energy mix.

Despite the abundance of sunshine, with many parts of the country enjoying high levels of solar irradiation all year round, he said, “solar energy only contributes one per cent to the energy mix, as opposed to 59 per cent from fossil fuels, and 40 per cent from hydro.”

He was speaking at the International Solar Alliance (ISA) Summit in New Delhi, India, which ended yesterday. President Akufo-Addo attended the summit at the invitation of the Prime Minister of India, Mr Narendra Modi, and the President of the French Republic, Mr Emmanuel Macron.

The summit, attended by 25 Heads of State and Government, was aimed at realising “the common goals of increasing the use of solar energy in meeting the energy needs of ISA member countries in a safe, convenient, affordable, equitable and sustainable manner.”

Major strategy

President Akufo-Addo said “a major strategy to achieving increasing solar energy use in Ghana was for the government to build the relevant domestic capacity in the manufacture and assembling of solar energy systems and accessories in the country.

This will also help create job opportunities for our vibrant and hardworking youth,” he added.

He indicated that the government was keen on building the most business-friendly environment for investment, especially, in the renewable energy sector.

“On the basis of my country’s specific needs, the government is keen on developing utility-scale solar energy projects, as well as accelerating the development of mini-grid solutions in off-grid and island communities for lighting, irrigation and other economic activities,” President Akufo-Addo said.

To that end, and in keeping with Ghana’s commitments under the Paris agreement, the President outlined some solar energy programmes for implementation by 2030, including the attainment of utility-scale solar electricity from about 22.5 megawatts to 250 megawatts.

Solar systems

Additionally, he said 200,000 solar systems for households, commercial and government facilities in urban and selected non- electrified rural communities would be installed, while 55 mini-grid electrification systems, with an average capacity of 100 kilowatts would be established.

The systems, the President said, would be based on solar cells technology, which would be hybridised with other generation options to serve islands and off-grid communities.

Furthermore, President Nana Akufo-Addo said the government would distribute two million solar lanterns to replace kerosene lanterns, currently being used by rural non-electrified households.

Establishment of ISA

President Nana Akufo-Addo said “the establishment of the International Solar Alliance, in our view, is very appropriate in today’s circumstances. That is why Ghana did not hesitate in ratifying the framework agreement of this noteworthy Alliance.”

He was confident that “together, we can ensure the satisfactory performance of the ISA framework agreement, and, thereby, make the laudable objectives of the ISA a reality.”

Source: graphic.com.gh

Projects For Partnerships- Profile of AA Food & Beverages Ltd

AA Food & Beverages Ltd seeks to expand the production of its branded alcoholic beverages and intensify its distribution effort in taking advantage of the emerging market opportunities for its products.

With its production facility located in Legon, Accra, the company presently produces and distributes two varieties of drinks- the Sahara Solace Butter Scotch Schnapps Liqueur and Spice Rum- which are positioned and excellently packaged to clearly distinguish them from other products in the market. The company also plans to introduce another product- Pineapple Vodka- in the coming year.

 There exists huge potential for the company’s products in light of Ghana’s fast growing alcoholic and non-alcoholic beverages industry. Through marketing innovation, AA Food & Beverages Ltd intends to capture an often-overlooked segment of the special alcoholic beverage market.

 AA Food & Beverages products provide options in both quality and variety, making the point of purchase decision easy and promoting the products in an interactive business consumer fashion. With additional capital injection of GHS 1.2 million (approximately US$ 250,000.00), it is projected that the company would be earning average net profit of GHS 368,000.00 per annum in the next five years.

Contact GIPC via marketing@gipcghana.com if you have interest in this project.

 Source: GIPC Corporate Affairs