63 Companies Lined Up For India- Ghana Business Forum

Ghana and India are expected to explore investment opportunities in the areas of infrastructure and construction, healthcare and pharmaceuticals, as well as agriculture in an upcoming two-day Exhibition with about sixty-three (63) companies expected in the country.

The India-West Africa Exhibition and Business forum, dubbed, ‘Namaskar Africa 2017’ is a regional flagship business initiative being organized by the Federation of Indian Chambers of Commerce and Industry (FICCI).

The two-day exhibition, which is slated for August 16-17,2017 will assemble FICCI companies from India comprising JMC Projects, Tata Africa, Escorts, International Tractors Limited, John Deere among others.

According to Susnato Sen, a senior director of the Federation of Indian Chambers of Commerce and Industry (FICCI) the idea behind the exhibition is “to share the technical expertise and experience of Indian companies in sectors which are important for both Ghana as well as India.”

‘Namaskar Africa’, 2017 is an opportunity to enhance and diversify India’s economic engagement with the West Africa region and position Ghana as a gateway and preferred destination for investment and trade.

The leaders of both countries, during recent exchange of visits, have emphasized the need to leverage the two countries’ economies interactions to US$5billion by 2020.

India’s export matrix clearly indicates the potential of the Ghanaian market to absorb increased exports from India as well as the ability of Indian industry to export the same.

Officials of the event also reckon that, with Ghana preparing to implement the ECOWAS Common External Tariff, it presents a major platform for a Customs Union that facilitates free trade and ensures greater regional economic integration and a wider reach in the sub-region using the West African country as the base.

Over the years, ‘Namaskar Africa’ has established itself as a premier business networking platform for industry leaders from India and across Africa catering to trade, investment and technology transfer requirements.

This year’s edition will have sectoral thrust on infrastructure and construction, healthcare and pharmaceuticals, agriculture and food processing, energy and non-renewables.

Source: thebftonline.com

GIPC Holds Forum for Young Entrepreneurs

The Ghana Investment Promotion Center (GIPC) on Tuesday held a forum for young entrepreneurs to throw more light on how the Centre works with entrepreneurs.

The forum under the theme, ‘connect-accelerate-grow,’ was aimed at sharing GIPC’s strategy and to take the young entrepreneurs through the GIPC act.

Chief Executive Officer of GIPC Yofi Grant indicated that with Ghana having a very youthful population, harnessing the entrepreneurial potential of the youth will be key in accelerating economic growth.

He encouraged the participants to help make Ghana the best place to do business on the African continent.

Mr. Grant noted that Ghana’s smart, educated youth were a rich dividend that continue to be the engine of innovation and growth for the country.

“You are in the position to market the country. You have the dreams, drive, and determination to move this country even higher. It takes cooperation, partnerships to make great things happen,” he told the participants.

He emphasised that the Centre was created to support all types of investment in Ghana, domestic and foreign, saying “GIPC facilitates investments that helps our country forge ahead both local and international – it is important that Ghanaians invest in their country and we are here to help make sure that happens.”

The event was also to sensitize young entrepreneurs, create avenues to interact with captains of industry and to promote dialogue between the private sector and government.

On her part General Manager of Venture Capital, Hamdiya Ismaila spoke on ways that SME’s could gain access to capital.

She said SME’s need to have well thought through plans to make access to funding much easier.

 

Present at the mentorship session were, Daniel McKorley, CEO of McDan shipping, Richard Adjei, CEO of Kasapreko, Constance Swaniker, CEO of Accents and Arts, Alex Bram, CEO of Hubtel and many others.

The GIPC also indicated that aspects of the GIPC Act was under review to enhance activities of the Center and improve investments in the country.

Through this forum, business owners can also learn about the GIPC and how it can support their endeavours in forming a partnership.

The event was attended by over 300 businesses owned by young entrepreneurs who were also introduced to the GIPC, its functions, and how the agency was available to provide support for growing businesses through various service offerings.

  Source: myjoyonline.com

Young Entrepreneurs Need the Right Business Attitude to Succeed – Yofi Grant

The Ghana Investment Promotion Centre (GIPC), as part of efforts to empower the youth and create billionaires who will become major investors in the economy, has organised an entrepreneurship forum with a call on young entrepreneurs to be focused, disciplined and determined. According to the Chief Executive Officer of the GIPC, Yofi Grant, being an entrepreneur does not come on a silver platter, hence it requires a lot of sacrifices and the right attitude.

He stressed that financing a venture is not the most critical when it comes to building a business, but the “right attitude and a winning and unique selling proposition”. “We’ve heard from people who started their businesses from nothing and have made it. They didn’t ask for help from anybody. They focused on their products, they focused on their services and they’ve created great businesses,” he emphasised. For young entrepreneurs to succeed in their endeavours and build great brands that compete in the market, Mr. Grant advised that they stop complaining and develop the attitude of problem-solving. “The entrepreneurs’ job is solving a problem not echoing a problem. The entrepreneur’s job is bringing a solution to a problem and not about complaining,” he urged.

About Young Entrepreneurs Forum 

As the first of its kind, the Young Entrepreneurs Forum is an initiative of the Ghana Investment Promotion Centre (GIPC) which offers the opportunity for start-ups to learn about the work and GIPC’s relationship with entrepreneurs. The forum brought together diplomats and business owners who shared their experiences with more than the hundred (100) young entrepreneurs who were present at the event. Participants were also taken through procedures and strategies needed by young entrepreneurs to prepare for business partnerships.

There was also a mentoring session for the participants by successful business owners. Explaining the significance of the forum in an interview with Ghanaweb.com, Mr. Yofi Grant said the Young Entrepreneurs Forum forms part of GIPC’s efforts to support start-ups to grow into bigger businesses. He said the forum will be organised annually together with other programmes to help the emerging entrepreneurs compete with the international market. “We’re thinking of doing an exhibition for innovationists and entrepreneurs in Ghana and then we continue from there.

We’ll create a space for them to be exposed. We’ll push some of them. We want to make them go from where they are to global,” Mr. Grant emphasised.

Source: ghanaweb.com

Tax Exemption Policy: Gov’t Pays Ghc54m As Refund To Businesses

Government paid out about GH₵54million as refund to businesses under the new tax exemption policy as at June this year. The policy aimed at checking abuses and revenue losses requires that businesses make down payments of all tax obligations and subsequently apply for a refund. Director of the Finance Sector Division of the Ministry of Finance, Samson Akligoh said the policy is important in resetting the economy for successful business operations.

Mr. Akligoh said, “Yes there are challenges and which the Ministry is aware of, but I think the response mechanisms show the new policy regime has also been swift.”

He said, “the concern is that we have to position Ghana as the most business friendly environment in Africa and we can do that, but this will be threatened if all of us take it for granted that those who abuse taxes under this regime should be protected because it will inconvenient the good people who pay the tax.”

“The result of not curbing this behavior from the policy side is very clear,” he said. Mr. Akligoh was speaking at the ‘Ghana on The Go CEO’s Breakfast Meeting’ series organized by the Ghana Investment Promotion Centre (GIPC).

Giving a brief on the tax exemptions application process at the GIPC, the Chief Executive Officer, Yofi Grant, said the Centre was mandated under section 26 of the GIPC Act to grant import duty and Value Added Tax (VAT) exemptions to qualified companies registered with Centre.

He said, “A typical approved strategic investment has incentives which include exemptions from the payment of import duty and VAT on plant machinery and equipment specifically for the project, construction materials specifically for the project, and on locally purchased construction materials and equipment required specifically for the project.”

Mr Grant, however, urged participants at the meeting not to hesitate, and share their experiences with the new tax regime to better inform government on how to make the business environment more convenient.

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.

Source: myjoyonline.com

Malta President in Ghana to Enhance Economic Ties

The President of Malta, Marie-Louise Coleiro Preca, is in Ghana together with her spouse to strengthen bilateral relations and enhance economic cooperation between the two nations.

Ghana and Malta hope to introduce products and services in each other’s economies.

The Vice President, Mahamudu Bawumia on Monday received and welcomed the President of the Republic of Malta and his spouse into the country when they touched down at the Kotoka International Airport in Accra.

The Malta President and her Spouse attended a church service at Holy Spirit Cathedral in Adabraka and later met President Nana Akufo-Addo at the Flag Staff House on Tuesday.

 As part of their 3-day visit, the Malta President will lead delegation of companies in Malta who represent a range of business interests to explore opportunities emerging in Africa and invest in these opportunities.

They will also tour Kumasi and Cape Coast, where they will call on the Asantehene, Otumfuo Osei Tutu II at the Manhyia Palace and visit the HopeXChange Medical Centre respectively.

The Government of Malta contributed to the setting up of the HopeXchange, an 80-bed hospital in Kumasi whilst other several Maltese initiatives are underway in various parts of Africa, including orphanages and water engineering and capacity-building projects in IT.

Ghana is the first country in recent history to have invited a sitting Maltese Head of State and also the first sub-Saharan country to establish a High Commission in Malta.

Source: myjoyonline.com

Maltese Businesses Explore Investment Opportunities in Ghana

The Ghana Investment Promotion Centre (GIPC) held an investment presentation for a 28-member business delegation from Malta, on a variety of business and investment opportunities here in Ghana.

The meeting, co-ordinated in partnership with the Ministry for Foreign Affairs and Trade Promotion, TradeMalta, and the Honorary Consulate of Malta in Accra, spurred fruitful conversation on investment opportunities in a variety of sectors including, housing, logistics, finance,  and education.

It also marked the occasion of the state visit of the President of Malta, Her Excellency Marie Louise Coleiro-Preca, who is in the country to explore possible areas of business collaboration as well as strengthen economic ties.

Addressing the delegation, the Director of Investor Services at GIPC, Mr. Edward Ashong- Lartey spoke about Ghana’s positive outlook on investment, the strong government commitment to ensuring a safe, vibrant investment environment, and also enumerated the role of GIPC and the various services offered by the agency.

He highlighted some of the investment prospects in Ghana which included agriculture and agro-processing, manufacturing, tourism, energy, infrastructure & transportation, financial services, information and communication technology (ICT), health, and education.

These growth areas, coupled with Ghana’s central location in the sub-region, trainable labour and ready access to the 300 million-strong Economic Community of West African States (ECOWAS) market were some of the advantages of investing in Ghana.

 “We are also the best destination for ease of doing business in West Africa according to the World Bank Doing Business Report, 2017. We also have a stable democracy,” he pitched.

Members of the delegation represented various economic sectors including manufacturing, energy, information and communication technology, health, education, aviation, hospitality, and services also took the opportunity to ask questions related to their areas of interest.

Source: GIPC Corporate Affairs

GIPC Assures Manufacturing Firms of Support

The Ghana Investment Promotion Centre (GIPC) says it would use this year’s edition of the Ghana Club (GC) 100 Awards as a launch pad for promoting partnerships between Ghanaian manufacturers and their foreign counterparts.

The investment promotion agency is poised to use the event to showcase Ghana’s industrialization potential and ensure a marked impact on employment creation and skills development. “As we meet businesses and investors we continue to make it clear that our preference at GIPC is to partner in manufacturing, to the extent that firms in that sector are excluded from capital commitments provided in the law for other investors,” the Chief Executive Officer of the Centre, Mr. Reginald Yofi Grant said.

Responding to concerns from the media at the launch of this year’s awards last Thursday, over the fact that manufacturing firms in Ghana could hardly make it to the top of the GC 100 awards Mr Grant said the Ghanaian economy had been predicated more on services than manufacturing. This year’s event is on the theme, ‘Industrialisation: A Tool for Job Creation and Accelerated Economic Development”.

According to the GIPC, the theme is in line with government’s vision to use manufacturing through the one district, one factory initiative as an economic development and job creation tool. “We have never, as a nation, made manufacturing the key direction of the economy so it’s automatic that we hardly find manufacturing companies at the top,” he noted. Mr. Grant reckoned the challenges faced by manufacturing firms in the country, pointing out “there are a lot of inputs that go into manufacturing unlike the services industry where players import to sell or provide services.”

Government, he indicated remained committed to transforming the economy from a factor-driven raw material exporting economy to one of value addition and processing. “We believe that all the incentives and policies will be directed at manufacturing,” Mr Grant stressed.

The GIPC boss revealed plans by his outfit to encourage small and medium sized enterprises by recognising them on a separate platform “because many of such enterprises do not fit into the parameters we have for the big businesses”. According to him, government’s intention is to help grow SMEs into large companies, adding “we want them not to remain SMEs, they must to be active players in the economy so they contribute to economic growth and transformation”.

SMEs must be seen to be thriving, growing and developing as we redirect the economy and make Ghana the best place to do business, Mr. Grant pointed out.

Source: www.thefinderonline.com

GIPC Launches 16th Edition of Ghana Club 100 Awards

The Ghana Investment Promotion Centre (GIPC) has launched the 16th Edition of the Ghana Club 100 (GC 100) Awards in Accra on the theme: “Industrialisation: A Tool for Job Creation and Accelerated Economic Development.”

The awards, which was established by the Centre in 1998 to serve as a benchmark for corporate excellence, has become an annual event and compiles the top 100 highly performing companies from both public and private sectors, for due recognition of successful enterprises.

Mr. Yofi Grant, the Chief Executive Officer GIPC, said the theme was in line with government’s vision to use manufacturing through the “One District, One Factory,” initiative as an economic development and job creation tool.

He said the GIPC intended to use this year’s awards as a launch pad for promoting partnerships between Ghanaian manufacturers and their foreign counterparts and showcase Ghana’s industrialisation potential and its impact on employment and skills development.

The event is aimed at introducing a system of ranking the top 100 companies in Ghana whilst encouraging and nurturing the private sector to develop and grow to compete internationally.

The objective is to develop a database of the top 100 viable companies as an annual “who is who” on the Ghanaian corporate business calendar and through creative media vehicles and activities to promote Ghana’s corporate capacity.

Mr. Grant said it was also intended to utilise the club to gain government support and intervention to enhance the competitiveness of the Ghanaian corporate sector.

It is also to develop an open information culture within the corporate sector, provide incentives for improved corporate performance by recognising the top 100 performing companies and develop uniform criteria for evaluating performance.

Mr. Grant encouraged limited liability companies to apply for the event and for companies with government interest, government shares should be less than 50 per cent, unless it was listed on the stock exchange.

“Companies are also requested to submit soft and hard copies of audited accounts for 2014, 2015 and 2016, a 125- word soft copies of company profile and logo, and soft & hard copies of CEO’s passport size picture,” he said.

He said companies would be ranked by the ranking consultant, Ernest and Young (EY) based on three main criteria; size, growth and profitability.

This year’s event include Best Company in Agriculture and Agribusiness, Financial Services, Information and Communication Technology, Services, Infrastructure, Petroleum and Mining, Manufacturing, Tourism, Health and Education.

The discretionary awards would include UNICEF’s Coalition of Children’s Award, Corporate Social Responsibility (CSR) Award, and the GC 100 Company of the Future Award.

Mr. Grant lauded the continuous support of GIPC partners for the award and urged all companies to subscribe to it.

Madam Ama Bawah, the Senior Director of Government Relations, Newmont Ghana Limited, commended the GIPC for the continuous efforts to promote business growth in the country.

She said being the first on the Club 100 list has impacted positively on the brand of the company which had increased work ethics.

Source:  ghananewsagency.org

GIPC Urges Innovators to Target Solving Africa’s Problems

 

 

 

 

 

 

Mr. Yofi Grant, the Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), has urged innovators to create inventions that would solve Africa’s problems in order to attract government’s support and investors.

He said innovations should be critical for the African market and have the capacity to thrive as a profitable venture.

Mr. Grant raised these concerns when addressing the media on the sidelines of the 2017 Innovation Prize for Africa (IPA) in Accra on Monday.

He said for Africa to rub shoulders with other continents in terms of innovation, it would have to revise its educational structure.

He said the continent needed the kind of education that would give the people the power to create and make more wealth.

Mr Grant said the country needed innovators who would create something ground-breaking and not take someone’s idea and slightly change it.

“It must be innovative, not just taking somebody’s idea and changing it and say it is good for us,” he said.

Mr Grant, however, noted that there were a lot of brilliant innovators in Ghana and it, therefore, behoved on the Government to create conducive environment to embrace them.

“The responsibility is on the Government to make sure that we can actually embrace a lot of these innovations which are usually in the informal sector and, therefore, do not get the attention of the Government,” he noted.

The sixth edition of the IPA competition is on the theme: “African Innovation: Investing in Prosperity.”

The event is being organised by the African Innovation Foundation (AIF), in partnership with the Ministry of Environment, Science, Technology and Innovation, Ghana Investment Promotion Centre and Ghana at 60 Secretariat.

It aims at strengthening African innovation ecosystems through competition.

The competition had been successful in Ethiopia (2012), South Africa (2013), Nigeria (2014), Morocco (2015) and Botswana (2016).

 Source: ghananewsagency.org

Government Launches National Entrepreneurship Programme

Determined to change the economic fortunes of Ghana, government on Thursday launched an ambitious plan to promote the growth and development of entrepreneurship and to accelerate job creation for national development.

The initiative- National Entrepreneurship and Innovation Plan (NIEP) is a multi-pronged approach aimed at creating the conducive and business-friendly environment to stimulate enterprise activities and provide integrated national support for start-ups and small businesses that would in turn generate employment for the teeming youth of Ghana.

Launching the flagship programme in Accra, President Nana Addo Dankwa Akufo-Addo noted that countries that had encouraged high levels of investment in entrepreneurship development were the ones that had made rapid economic strides in the past 20 years.

He pointed out that establishing a strong economy and generating improved living standards for the people of Ghana was the most important task he had had to accomplish as a President.

The President said the NEIP would be government’s primary vehicle for supporting start-ups and small businesses.

He said the Plan would enable new businesses to emerge and give them the space to grow, receive financing and business development services, secure markets during the critical formative years, and to tap into a wide supply chain and network during their growth years, helping to create jobs at a widely distributed, national level.

Announcing a US$10 million seed money for the Plan, President Akufo-Addo said “It is the intention that this seed money should be leveraged to raise money from private sources and public organisations to the tune of US$100 million to fund its programmes.”

He said the Plan was in fulfilment of his goal to build the most business-friendly economy in Africa, and create jobs and prosperity for all Ghanaians.

Acknowledging that the greatest problem of the country was unemployment, the President said “I am determined that we change the economic conditions in our country for the better, to ensure that young people see it as a place of opportunities, instead of the place from which they flee at the peril of their lives

“We need to do all within our power to create an entrepreneurial climate, to enable our young people come up with creative ideas that can be developed into businesses,” he said.

President Akufo-Addo was confident the Plan would stimulate private sector growth to accelerate job creation and provide the Ghanaian youth with the critical alternative to salaried employment.

Apart from the plan enabling start-up businesses grow and competing domestically, tax incentives that would be provided under the initiative would incentivise and help private sector investors to set up business incubator hubs and industrial Parks for youth-owned businesses nationally.

The President said the NIEP would establish a Youth Enterprise Fund which would be leveraged to attract private capital to fund start-up and also provide a ready market for the products and services of start-ups through the reservation of a percentage of the proposed 70% of local content public procurement contracts.

He indicated further that NEIP would implement a Buy-Local policy for ICT services from youth-owned businesses, as well as set up an Industrial Sub-Contracting Exchange to link large industries with small businesses and start-ups as a supply chain for goods and services.

“I am confident that this Plan will be made to work to provide young people with what it promises. Young people, who take the risk of entrepreneurship, will find that they have support through the difficult, early stages,” he said.

“I am passionate about the Plan working. I am investing a lot in it, and I have confidence in the Minister for Business Development, Ibrahim Awal Mohammed, who has devised the Plan, and will be in charge of seeing it to fruition.”

Source: ghananewsagency.org