GIPC eases regulatory framework on technology transfer agreements

The Ghana Investment Promotion Centre (GIPC) says it has modified Technology Transfer Agreements (TTAs) to benefit both the country and investorsThe improved TTA regulatory framework includes changes to registration processes, revisions to foreign company investment thresholds, and a relaxation of Ghanaian investment restrictions.It also outlines criteria for Ghanaian businesses to get valuable key services from foreign companies, as well as effective support systems to help local businesses grow and expand.Mrs Naa Lamle Orleans-Lindsey, Head of the Legal Division at GIPC, indicated that the reforms were necessary to ensure that foreign companies stayed longer in the country.She was speaking to the media after a panel discussion on TTAs and their impact on economic growth held by the Centre on the sidelines of the ongoing 3iAfrica Summit in Accra.Mrs. Orleans-Lindsey explained that foreign companies frequently sought to build partnerships with local businesses, sometimes as prelude to entering the c ountry themselves.She said the situation demanded that the regulatory landscape be made more effective and valuable for businesses to invest in the country.The modified regulatory framework for TTAs seeks to promote stronger partnerships between local and foreign companies to provide efficient services and attract Foreign Direct Investments (FDIs).'When the TTA regulatory is clear, transparent, and easy to manage, we'll see that many companies outside Ghana will have partnerships and joint ventures with local companies, providing them with the technology they need to do their services,' Mrs Orleans-Lindsey said.'Some may also eventually set up in Ghana because the space has been positive and FDI is increased through more companies setting up in Ghana, so, it's a very valuable tool for us,' she added.Mrs Orleans-Lindsey stated that the revised GIPC Act 2013 (Act 865) had passed from Cabinet to Parliament and that she was confident that it would 'come out sooner rather than later.'She did, however, state that the Centre has been regularly engaging Parliament's Select Committee on Finance to ensure that the measure is given priority and put into law as quickly as possible.Source: Ghana News Agency