GIPC reforms Technology Transfer Regime to protect local businesses

As part of reforming the legal and regulatory framework for attracting and sustaining investment in the country, the Ghana Investments Promotion Centre (GIPC) has engaged relevant stakeholders to amend the existing Technology Transfer Agreements (TTA) Regime in the country. 

TTAs are agreements between an external parent company and its local subsidiary for the provision of certain specified services to the local company. 

These services range from capacity Building, management, use of trademarks, advertising and application of advanced technology.

Since this usually involves the movement of usually huge amounts of money between the two entities, the law requires that any such arrangements be registered and approved by the GIPC and partner agencies especially the Ghana Revenue Authority GRA to ensure compliance with tax obligations and to prevent transfer pricing. 

Nevertheless this provision has been mainly abused by such multinational companies.

But the Chief Executive Officer of GIPC, Yoofi Grant tells Radio Ghana's Business News that the Centre is engaging other relevant state actors such as the Bank of Ghana to deal of the abuse situation. 

Story: Nana Agyemang-Prempeh

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