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Ghana as an Investment Destination for Foreign Investors Seeking a Conducive Business Environment in Africa
Ghana is the world’s second-largest cocoa producer behind Ivory Coast and Africa’s biggest gold miner. It is one of the continent’s fastest-growing economies and has made major progress in the attainment and consolidation of growth.
Today, Ghana is not only one of the best places for doing business in West Africa according to the World Bank’s Ease of Doing Business Report 2020 but also the most resilient economy in West Africa according to the EY African Attractiveness Index.
Ghana is one of the most attractive business destinations in the West African sub-region. Ghana is endowed with abundant natural resources, which have played a vital role in the country’s development efforts. One of the mineral resources that is available to the nation is gold.
With a reduction from 3% to 1.5% on withholding tax on the export of gold, Ghana proofs to attract transactions in her unprocessed gold.
Over the years, Ghana’s stable economy and abundance of natural resources, especially gold, have attracted many foreign entities and individuals to develop strategic business partnerships with local Ghanaian companies to export these resources. Unfortunately, many of these individuals have been cheated of their hard-earned resources by unscrupulous entities masquerading as licensed gold-buying companies by regulators when they have no such license.
In Ghana, Technology Transfer Agreements are entered into between enterprises (referred to as the Transferee) and enterprises outside Ghana (referred to as the Transferor). The provisions of every technology transfer agreement in Ghana must conform to and are governed by the following laws:
- The Ghana Investment Promotion Centre Act, 2013 (Act 865)
- The Technology Transfer Regulations, 1992 (L.I. 1547).
Under Act 865, all Technology Transfer Agreements must be reviewed and registered by the Ghana Investment Promotion Centre, which is the agency of the Ghanaian government responsible for, among others, the registration and monitoring of all technology transfer agreements in Ghana.
Ranked as one of the most stable political environment within the West African sub-region, Ghana is one of the viable places for doing business, and one of the fastest growing economies in the world. Ghana has become a mainstay for individuals seeking to set up their businesses into the West African sub-region.
In view of the above, we can say that, Ghana has become an attractive country for investment through established corporate entities. To that extent, individuals seeking to set up companies, particularly limited liability companies in Ghana need to be abreast with the processes and procedures.
This article, therefore, seeks to highlight the various processes involved in registering a company in Ghana, particularly a limited liability company, right from application to certification.
Gaming Business Operation in Ghana: Practical Steps to Acquire Gaming License (Sports Betting) in Ghana-Brief Overview
The Gaming Act, 2006 (Act 721) is the legal regime that governs the sports betting license application in Ghana. In addition, the Act establishes the Gaming Commission of Ghana. The Commission is a corporate body entrusted with the mandate to grant licenses to entities incorporated to undertake sports betting in Ghana.
For an established entity to qualify for a sports betting license in Ghana, the following must-do-steps must be undertaken:
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