Transparency International Ghana (TI Ghana) and the Ghana Investment Promotion Centre (GIPC) have launched a strong media campaign. They are training journalists to identify and report on business fronting. This practice is where foreign investors use Ghanaian citizens to unlawfully own businesses. The campaign recently held a workshop in Kumasi for journalists in the Ashanti Region. This event aimed to strengthen media support in fighting fronting. Foreign investors sometimes use Ghanaian nominees to bypass business ownership rules.
The training focused on educating journalists. They learned about Ghana’s investment laws. They also learned investigative techniques. These skills are vital for uncovering fronting. This is a violation of Ghana’s investment regulations. The workshop theme was “Promoting Transparency and Accountability in Ghana’s Investment Regime: The Role of Journalists.” It highlighted the media’s crucial role. Accurate reporting helps ensure accountability. Sections 27 and 28 of the GIPC Act, 2013 (Act 865) are key to this. These laws define foreign participation in Ghanaian businesses. They also list enterprises reserved for Ghanaians. Foreigners must follow specific conditions to invest.
According to the GIPC, some Ghanaians are now acting as fronts. They help foreign investors bypass restrictions. These restrictions apply to businesses meant for citizens only. Benedict Doh, Head of Finance at TI Ghana, spoke at the workshop. He stressed the media’s importance. He stated, “Accurate and informed reporting is critical to protecting Ghana’s investment space.” He added that journalists can expose violations. These violations hurt local participation and fair competition. Mr. Doh also noted low public knowledge. Many Ghanaians do not know how government attracts investors. The workshops aim to bridge this gap. Journalists will educate the public. This can boost investor confidence. It can also attract responsible investment.
Michael Otchere, Deputy Director of the GIPC, also addressed attendees. He warned that fronting is illegal. He said it harms Ghana’s investment climate. Mr. Otchere explained that some companies appear Ghanaian. However, they are owned and controlled overseas. This is an offense. He cautioned Ghanaians involved in fronting. Offenders will be handed to legal authorities. Mr. Otchere also expressed concern. Many businesses do not comply with the GIPC Act. They operate outside the law. He urged journalists to collaborate. They must help identify these non-compliant businesses. The GIPC promotes investment. It also identifies opportunities for local and foreign investors. This campaign aims for better compliance. It ensures foreign investment helps Ghana. This includes technology transfer and job creation.