Transparency Worldwide Ghana and the Ghana Funding Promotion Middle are stepping up efforts to fight fronts in Ghana’s enterprise sector by means of capability constructing workshops for journalists within the Ashanti Area.
The workshop, held in Kumasi, aimed to strengthen cooperation with the media to deal with the rising follow of overseas buyers allegedly utilizing Ghanaian brokers to bypass company possession rules.
The coaching supplied contributors with data of the related authorized framework and investigative methods essential to detect and report incidents of fronting and different violations inside Ghana’s funding system.
Held below the theme of “Selling transparency and accountability in Ghana’s funding system: The position of journalists” The workshop highlighted the essential position of the media in selling accountability by means of correct and knowledgeable reporting.
Sections 27 and 28 of the GIPC Act 2013 (Act 865) define the scope of overseas participation in Ghana’s enterprise setting, together with the situations below which overseas nationals might put money into firms solely for Ghanaians.
The GIPC says some Ghanaian nationals are more and more being exploited by overseas buyers searching for to bypass restrictions on sure classes of enterprise reserved for nationals.
TI Ghana’s Head of Finance, Mr. Benedict Doe, emphasised to the contributors the significance of the media in guaranteeing transparency in Ghana’s funding sector.
“Correct and knowledgeable reporting is crucial to guard Ghana’s funding house. When journalists perceive entrance legal guidelines and mechanisms, they will expose violations that undermine native participation and truthful competitors,” he mentioned.
Mr. Do identified that growing public consciousness may assist strengthen investor confidence and appeal to accountable investments into the nation.
“After reviewing a number of research, it turned clear that there’s little data among the many public about how the federal government seeks to draw buyers to the nation. That’s the reason we organized this occasion to assist contributors perceive the related provisions of the GIPC Act to teach the general public,” he added.
Talking on the workshop, GIPC Deputy Director Michael Otchere warned in opposition to fronting, saying it’s unlawful and dangerous to Ghana’s funding local weather.
“We’ve got noticed that some Ghanaians are naming overseas firms, the place the businesses seem like owned by Ghanaians on paper, regardless that they’re owned and managed overseas. That is an criminality. We want to warn Ghanaians who’re concerned in such actions to desist as a result of if caught, the violators might be handed over to the suitable authorities and face strict legal guidelines,” he pressured.
Mr. Otchere additionally expressed concern that the enterprise is working with out full compliance with the provisions of the GIPC Act.
“One other problem we face is that many companies refuse to observe the regulation and proceed to function in secret and in defiance of the regulation. We due to this fact urge journalists to work with us to establish companies and guarantee they’re handled in accordance with the regulation.”
He defined that GIPC is tasked with selling and facilitating each overseas and home funding, whereas figuring out sectors that current alternatives for home and overseas buyers.
This workshop varieties a part of a broader effort to strengthen compliance inside Ghana’s funding sector and be sure that overseas funding meaningfully contributes to expertise switch, job creation and native enterprise improvement.
Each TI Ghana and GIPC say they are going to proceed to work with the media to watch and expose unlawful enterprise practices within the nation’s funding setting.
