THE MINISTER OF AGRICULTURE VISITS ISRAEL
THE FEDERATION OF ISRAEL CHAMBER OF COMMERCE IN COLLABORATION WITH EMBASSY OF GHANA TRADE AND INVESTMENT SEMINAR
The Minister of Food and Agriculture, Hon. Dr. Owusu Afriyie Akoto visits Israel to participate in Agrotech 2018.
Whilst in Israel, the Honourable Minister visited Kibbutzs irrigation farms and other sites to familiarize himself with their activities.
Hon. Dr. Owusu Afriyie Akoto also examined the Israeli Greenhouse Technology potentials, explored opportunities available under the Student Exchange Program, and also paid a visit to Seed Production Companies as well as Out-Growers Cooperatives.
The Israeli Government has expressed interest to partner government to improve innovation and technology in Ghana's Agricultural sector, especially in the areas of Agro-processing, Greenhouse and irrigation development.
In pursuit of the drive by Government of Ghana to promote trade and investment between the Republic of Ghana and the State of Israel’s private sector, the Embassy of the Republic of Ghana in Israel in collaboration with the Federation of Chambers of Commerce (IFCC) in Israel organized an investment seminar at the offices of the Chamber in April, 2017.
The main objective for initiating such an investment promotion mission was to target the middle-class business categories which were seeking new market opportunities to expand their businesses to Africa and for that matter Ghana, for us to explore and showcase Ghana's unique investment opportunities. Continue here
Setting Up Business in Ghana
Notice to Prospective Investors
An entrepreneur, irrespective of nationality, can set up a business enterprise in Ghana in accordance with the provisions of any of the following legal instruments:- The Companies Code, 1963 (Act 179); the Partnership Act, 192 (Act 152) and the Business Name Act, 1962
A foreign investor may team up with a Ghanaian entrepreneur or company for a joint venture, usually in the form of a partnership or a limited liability company. However, under the Ghana Investment Promotion Centre Act, 1994 (Act 478), a minimum equity capital of US$10,000 is required from any foreign investor who intends to enter into a joint venture partnership with a Ghanaian. The foreign shareholder is required to satisfy this minimum equity capital either in cash transferred through Ghana's banking system or its equivalent in the form of goods, plant and machinery, vehicles or other tangible assets imported specially and exclusively to establish the enterprise.
Foreigners are permitted 100-per-cent ownership of an enterprise provided he/she satisfies section 19 (2b) of the GIPC Act, 1994 (Act 478). Wholly foreign-owned enterprises must have a paid-up capital the must have a paid-up capital the
Application for registration of a company is made directly, or through agents or solicitors, to the registrar-general. A company is duly registered after the company’s regulations have been submitted to the registrar of companies and a certificate of incorporation issued. A specified fee is paid on presentation of the regulations. The information required includes the name of the company with the word “Limited” as the last word in the name; the nature of the company’s business; names of the directors of the company and the shares capital and its division into shares of no par value.
An external company is a body corporate formed outside Ghana but which has an established place of business in Ghana. This can take the form of a branch, management, share, transfer, registration office, factory, mine or other fixed place of business, but does not include an agency unless the agent is authorised to negotiate and conclude contracts on behalf of the outside company.
Within one month of the establishment of the place of business, the external company should deliver to the registrar of companies the following: an English language translation of a certified copy of the charter, statutes, regulations, memorandum and articles or other instrument constituting or defining the constitution of the company; nature of business or main objects; name, address and business occupation of the local manager authorised to manage the business in Ghana; number of authorised shares, amount paid and what is remaining payable in cash or otherwise and address of its registered or principal office in the country of its incorporation; address including post office box number of its principal place of business in Ghana; name and address in Ghana of a person authorised by the company to accept service of process and other documents on its behalf, particulars and copies of any charges on the property of the company or if no such charges, then statement to that effect.
On receipt of the documents, they are registered in the Register of External Companies and the particulars gazetted.
An external company may invite the Ghanaian public to subscribe to its shares, subject to its complying with requirements of the Companies Code concerning invitations and the prospectus as if it were a Ghanaian company. The registrar, however, has the discretion to waive or modify parts of these requirements.
Annually, or at intervals not exceeding 15 months, the external company must submit for registration, a profit-and-loss account and balance sheet (as in the limited liability return of accounts).
Alterations made in the charter, statutes, regulations, articles or other instruments used in registration should be delivered to the registhould be delivered to the registeffective date of the alteration.
Free Zones — Incentives
To implement the government's policy of attracting investments, the following incentives have been provided under the Free Zones Act 404 1995.
100% exemption from payment of direct and indirect duties and levies on all imports for production, and export from the free zones.
Free-Zone enterprises are granted 100% exemption from income tax on profits for 10 years, after which the tax rate shall not exceed 8%.
Relief from double taxation for foreign investors and employees
No import licensing requirements, with minimal customs formalities.
100% ownership of shares by investor (foreign or national) in a free-zone enclave and enterprise.
No conditions or restrictions on repatriation of dividends or net profit;
No conditions or restrictions on payments for foreign-loan servicing;
No payments of fees and charges for technology transfer agreements;
No conditions or restrictions on the remittance of proceeds from the sale of any interest in a free-zone investment.
Management of Foreign Currency
Free-zone investors are permitted to operate foreign currency accounts with banks in Ghana.
Sales to Local Market
Up to 30% of annual production of goods and services of a free-zone enterprise are authorised for sale in the local market.
Free-zone investments are guaranteed against nationalisation and expropriation.
Trade and Investment
The thrust of the Government’s policy directive is on:
A liberalised trade (import/export) regime within the spirit and principles of the World Trade Organisation (WTO).
Liberalised investment regime sustained by a targeted investment drive;
An export oriented, value-addition industrial development strategy;
Free zone development encompassing:-
f and export processing zones (EPZ)