Accra, Ghana – Yofi Grant, CEO of the Ghana Investment Promotion Centre (GIPC), stood firm in his defense of the recent decision to abolish the capital requirement for foreign businesses, despite backlash from lo cal trading groups. The move, aimed at creating a more competitive business environment and attracting investors, has been met with criticism from some quarters.
Under the previous regulations, foreigners seeking to establish joint ventures were required to invest a minimum of $200,000, while individual foreigners looking to engage in retail business had to provide $1 million. However, Grant emphasized that the removal of this requirement would foster a more welcoming business climate, encouraging greater investment in Ghana.
Local trading groups have expressed concerns that this decision would lead to a influx of foreign businesses, potentially squeezing out local entrepreneurs. Some have even accused the government of allowing Asians to dominate the retail sector, to the detriment of Ghanaian traders. Despite these concerns, Grant remains steadfast in his belief that the move will ultimately benefit Ghana’s economy and attract valuable investment.
Ruth Abla ADJORLOLO
