The Ghana Investment Promotion Centre (GIPC) will soon be known as the Ghana Investment Promotion Authority (GIPA) once the GIPA Bill 2025, which has been sent to Parliament, is passed into law.
According to Naa Lamle Orleans-Lindsay, Director of the Legal Division at the Centre, it has become necessary to amend the GIPC Act, which has been in use for over three decades.
The new bill presented to Parliament includes key provisions such as the change of name from “Centre” to “Authority,” an expansion of the Authority’s objectives and functions, a revision of the governance structure, and a proposed review of the minimum foreign capital requirements, among others.
Speaking to the media on the sidelines of a Technology Transfer Agreement stakeholder engagement, Orleans-Lindsay explained, “We are seeking to revise those capital requirements downwards. In fact, the proposal now is to remove them entirely, except for the capital requirements applicable to trading.”
“So, under the new GIPA law, we envisage that the capital requirements for joint ventures and wholly foreign-owned companies will be removed, leaving only the requirement for trading companies owned by foreigners,” she added.
She noted that the decision to review the law is based on feedback collected from clients and stakeholders over the years.
“We are seeking to revise the law into the GIPA law to create a more effective, streamlined process for registering, monitoring, and keeping records of Technology Transfer Agreements,” the Director explained.
Orleans-Lindsay further assured that all stakeholder concerns have been carefully considered.
“We have heard the concerns of our clients and stakeholders. I want to reassure them that all their concerns have been taken on board, and the GIPA Bill will reflect provisions aimed at resolving these issues once and for all,” she emphasised.
SSD/MA
