Business
Ghana making changes to investment law to protect local businesses
The Bill introduces a provision that requires Ghanaian partners in joint ventures to have not less than 30 percent equity participation and prohibits the transfer of that equity to a non-Ghanaian in order to avoid the circumvention of the higher foreign capital requirements.
Foreign companies are also prohibited from venturing into the production of packaging materials, manufacture of furniture and wood products, and manufacture of sanitary products.
They will also, subject to that provision, not engage in services connected to the oil and gas, and mining industries, as well as the manufacture of generic pharmaceutical products.
Foreigners will not be allowed to operate taxi or car hire services in an enterprise that has a fleet of not more that twenty-five vehicles. They will be prohibited from operating beauty salons or barber shops and prohibited from printing mobile phone credit vouchers.
The present law has been in existence for almost 15 years.
Source: The Africa Report
