The Ghana Investment Promotion Centre (GIPC) is calling on Ethiopian businesses to establish operations in Ghana. GIPC sees Ghana as a prime gateway for accessing the wider West African market. Afua Tekyi-Mills, Head of Marketing and Communications at GIPC, made this appeal during a panel discussion in Addis Ababa, Ethiopia. The event was the Ghana Business and Cultural Expo.
Ghana offers investors access to domestic markets. It also provides entry into the larger ECOWAS and AfCFTA markets. These regional economic blocs represent significant growth opportunities. The expo brought together business leaders and policymakers from both nations. They aimed to boost cooperation in trade and investment.
Ghana's economic strategy prioritizes foreign direct investment. The country boasts a favourable business environment. This includes legal protections for investors. GIPC actively guides firms through the process. They offer investment information and sector-specific advice. This support is crucial for new market entrants.
Ms. Tekyi-Mills explained a structured approach for businesses. First, companies should define their objectives. They need to choose an entry model, like manufacturing or joint ventures. Early engagement with GIPC is vital. GIPC provides essential project profiles and guidance. It also advises on available incentives.
The second step involves formal business registration. This is done with the Office of the Registrar of Companies. For businesses with foreign ownership, GIPC registration follows. Sector-specific licenses are then acquired if needed. Ghana adheres to international standards for ease of doing business.
Ghana's investment framework offers attractive incentives. Agro-processing businesses can receive lower corporate tax rates. This applies for their first five years. Manufacturing firms outside Accra and Tema also benefit. They receive reduced tax rates. This encourages industrial development across the country.
Strategic investments of US$50 million or more may qualify. These can receive special incentives under Ghana's Exemptions Act. The country ensures investor protection. This includes safeguards against expropriation. Profit repatriation is also guaranteed. GIPC provides ongoing business support.
High-potential sectors for collaboration include agro-processing and textiles. Logistics and specialty food trade are also promising. Ghana can export cocoa products and shea butter. Ethiopia can contribute coffee and garment manufacturing expertise. This partnership fosters inter-African trade growth.
Ms. Tekyi-Mills expressed optimism. She believes the expo will strengthen ties. It will create new business opportunities. These will operate under the AfCFTA framework. AfCFTA aims to boost intra-African trade significantly.