Ghana will offer stronger and better protection for Foreign Direct Investment (FDI), said an official late Friday.
Yaw Afriyie, the Deputy Chief Executive Officer of the Ghana Investment Promotion Center (GIPC), made this pledge during discussions with economic, commercial, and trade counselors of diplomatic missions in Ghana on Bilateral Investment Treaties (BITs).
He said Ghana would continue to negotiate and ratify BITs with its partnering countries as a sign of its resolve to protect FDIs in the country, adding Ghana has ratified BITs with a total of seven countries including China, Denmark, Switzerland, Germany, Malaysia, Britain, and the Netherlands.
He stressed that BITs were still relevant at country-to-country levels, enabling partners to agree to abide by international law and standards for expropriation and compensation, free transfer of funds related to investments, fair and equitable treatment, and most-favored-nation treatment.
“We continue to negotiate new BITs with our key partners actively. And for the old generation BITs, we are committed to renegotiations towards making them compliant with best practices and our current investment regulatory framework,” said Afriyie.
Naa Lamle Orleans-Lindsay, head of the legal division of the GIPC, told Xinhua that since the BITs were bilateral in nature, the benefits were mutual for investors from both countries.
“Ghanaians who seek to invest in our partner countries also enjoy reciprocal treatments from the host governments under the treaties,” she explained.
“The BITs are one of the important tools the government uses to improve the attractiveness of Ghana as an investment destination. So we go into the negotiations with countries, which have FDIs in Ghana, seeking to create an environment of protection and promotion of these Investments in the country,” she added.
The value of FDIs flown into the West African country decreased from 2.6 billion U.S. dollars in 2020 to 1.3 billion U.S. dollars last year, GIPC data showed. Enditem