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Why Ghana?

Laws & Regulations

Business and the Law

 

Business law conforms to international norms and is based on a framework of legislation relating to business activity, copyrights, patents, trademarks, disputes and labour relations. Ghana subscribes to a number of international conventions on industrial and intellectual property. There are numerous public sector agencies as well as private legal, business consulting and accounting firms, which can provide expert guidance on doing business in Ghana.

 

 

 

Sanctity of contracts ensures respect for commercial rights and obligations. Damages are compensatory, not punitive, and an independent court system ensures equitable protection of rights. Mediation, arbitration and other forms of dispute resolution are routinely used.

 

The Key Investment related legislation in Ghana is the Ghana Investment Promotion Centre  Act 2013, Act 865. There is also a Technology Transfer Regulations, 1992, LI 1547

 

 

 

Businesses operating in Ghana need to be familiar with the following Legislations:-

 

The Companies Act, 1963 (Act 179)

Ghana Free Zones Act, 1995 (Act 505)

The Internal Revenue Act, 2000 (Act 592)

Fisheries Act, 2002 (Act 625)

Forestry Commission Act, 1999 (Act 571)

National Communications Authority Act, 1996 (Act 542)

Petroleum (Exploration & Production) Law, 1984 (PNDCL 84)

The Minerals Commission Act, 1993 (Act 450)

The VAT Act, 1998 (Act 546)

Banking Law, 1989 (PNDCL 225)

 

Environmental Conservation Act

 

The Labour Act, 2003 (Act 651)

 

Foreign Exchange Act, 2006 ( Act 723)

 

 

 

Investment Guarantees

 

Ghana Investment Promotion Centre Act, 2013 (Act 865), provides guarantees including prohibition against discrimination and expropriation to all enterprises. Subject to the Foreign Exchange Act, 2006 (Act 723) and the Regulations and Notices issued under the Foreign Exchange Act, an enterprise is guaranteed free transferability through any authorized dealer bank in freely convertible currency of dividends or net profits attributable to a foreign investment; payments in respect of loan servicing where a foreign loan has been obtained; fees and charges in respect of a technology transfer agreement registered under this Act and remittance of proceeds (net of all taxes and other obligations) in the event of sale or liquidation of the enterprise or any interest attributable to the investment.

 

 

 

MIGA, IPPA and DTA

 

Ghana is a member of the Multilateral Investment Guarantee Agency (MIGA) of the World Bank, which provides investment guarantees against non-commercial risk for investments in developing countries. Additionally, the Government has entered into bilateral Investment Promotion and Protection Agreements (IPPAs), as well as double taxation treaties with a number of countries to further enhance the protection and security of the investment regime.

 

 

 

Government Policy

 

President John Dramani Mahama, on 7th January 2013 promised that, as the President of Ghana he will work hard to place the nation on the right path by leading the country to overcome the hurdles and past obstacles that have threatened it from meeting it goals.

 

In delivering his state of the nation address he mentioned that partnership with the private sector has brought accelerated growth and development of the economy. To deepen the implementation of the Private Sector Development Strategy (PSDS) II, The president has inaugurated a Private Sector Advisory Council under his chairmanship to cover all major aspect of private sector development. He asserted that as a policy he is requesting his public officials to give priority to the Ghanaian Private sector in goods and service where they are competitive in value, quality and delivery.

 

Ghana improved from the 92nd position in 2009 to the 63rd in 2012 on the World Banks “Ease of Doing Business Index” as it witnessed impressive development in roads and social infrastructure in the last two decades with a private sector playing a pivotal role. The Ghana Investment Promotion Centre (GIPC), he said was in the process of transformation to meet the challenges of the 21st Century Investor. He stated that a well designed and efficient public sector working in partnership with a private sector will be instrumental in its objectives to deliver a prosperous nation. He again mentioned that his administration will pursue economic development with a sense of urgency in order to create new jobs particularly for the youth and in partnership with the private sector, expand its infrastructure in a manner that will accelerate economic growth.

Business Registration

Step 1: Business Registration at Registrar General's Department (RGD)

 

All Limited Liability companies are expected to fill out the relevant Application Forms, which serve as the Company’s Regulations. All companies must have an auditor, who must be a member of the Institute of Chartered Accountants, but should not be an officer or servant of the company or be an employee or partner of such persons. When all such forms have been filled satisfactorily and relevant fees paid, a Certificate of Incorporation and a Certificate to Commence Business are issued.

 

Click to access basic Costs and Fees applicable at the Registrar General's Department office.

 

 

 

 

 

Step 2: Register with the Centre (GIPC)

 

The GIPC is responsible for registering all Enterprises in Ghana.

 

Application Procedure: Investors are required to complete Investor Registration Forms (Form GIPC/R1) in triplicate. Within five (5) days from the date of orderly receipt of these forms (and its attachments) the GIPC will formally register the investment.

 

Below are the relevant fees and costs applicable at GIPC (effective 1st September 2014):

 

 

 

CATEGORY

 

*GH ¢

 

REGISTRATION

 

 

a)    Wholly Ghanaian Owned Business (Trading)

 

6,480

 

b)    Wholly Ghanaian Owned Business (Others)

 

648

 

c)    Joint-venture (i.e. $200,000 minimum foreign equity)

 

3,600

 

d)    Wholly Foreign (i.e. $500,000 minimum foreign equity)

 

9,000

 

e)    Manufacturing/Export Trading

 

18,000

 

f)     General Trading (i.e. $1,000,000 minimum foreign equity)

 

18,000

 

g)    Renewal (Every 2 years) – Joint Venture & Foreign Owned

 

1,800

 

h)    Renewal (Every 2 years) – Wholly Ghanaian Owned

 

360

 

i)      Liaison Office

 

27,000

 

j)     Certificate Replacement

 

360

 

k)    Certified True Copy (Certificate, Letters, etc.)

 

252

 

l)      Additional Certificates for Branches

 

2,160

 

STRATEGIC PROJECTS

 

 

a)    Processing Fee for Strategic Projects

 

7,200

 

b)    All Strategic Investment Approvals

 

72,000

 

EXEMPTIONS

 

 

a)    Invoice Value up to $100,000

 

1,800

 

b)    Invoice Value up to $250,000

 

3,600

 

c)    Invoice Value up to $500,000

 

5,400

 

d)    Invoice Value up to $750,000

 

9,000

 

e)    Invoice Value up to $1,000,000

 

10,800

 

f)     Invoice Value up to $1,500,000

 

12,600

 

g)    Invoice Value up to $2,000,000

 

18,000

 

h)    Invoice Value greater than $2,000,000

 

27,000

 

TECHNOLOGY TRANSFERS

 

Initial application (Max. 10 years)

 

Renewals ( Max. 5 years )

 

 

a)    Processing Fee

 

3,600

 

b)    Transfer Value up to $500,000 per annum

 

9,000

 

c)    Transfer Value up to $750,000 per annum

 

18,000

 

d)    Transfer Value up to $1,000,000 per annum

 

27,000

 

e)    Transfer Value up to $1,500,000 per annum

 

36,000

 

f)     Transfer Value up to $2,000,000 per annum

 

54,000

 

g)    Transfer Value up to $3,000,000 per annum

 

72,000

 

h)    Transfer Value greater than $3,000,000 per annum

 

90,000

 

QUOTA/WORK PERMITS

 

 

a) Automatic Quota

 

1,800

 

b) Replacement of Automatic Quota

 

1,800

 

c) Substitution of Quota Letters (Automatic & Short-term Permit)

 

648

 

d) Short-term permit: 1 year & below

 

9,000

 

e) Short-term permit: 2-3 years

 

12,600

 

f) Short-term permit: 4-5 years

 

18,00

* Note: The fee is payable by Banker’s Draft only, in the name of Ghana Investment Promotion Centre.

 

Fees may be changed by the Centre without any prior notice

 

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