UNCTAD/DITE/WID Country Profile - Ghanaunctad.org/sections/dite_fdistat/docs/wid_cp_gh_en.pdfUnder the GIPC Act, 1994 (Act 478), the Ghana Investment Promotion Centre started registering

Ghana A. Definitions and sources of data

Five main institutions are responsible for collection of foreign direct investment (FDI) data in Ghana. Bank of Ghana provides information on the cash investments that pass through the Banking System. Data on the inward flow of FDI are derived from the records of the Ghana Investment Promotion Centre (GIPC), the Ghana Minerals Commission, and the Energy Board/Ghana National Petroleum Corporation of the Ministry of Mines and Energy. These institutions are responsible for coordinating and monitoring investment in their respective sectors. Divestiture Implementation Committee collects information on foreign participation in diversified state enterprises. However, comprehensive data on FDI in Ghana, compiled in accordance with the International Monetary Fund (IMF) balance-of-payments manual (5th edition) and OECD Benchmark Definition standards, are currently not available from these sources. Additional data were obtained from the IMF, the World Bank Group and the database of the Organization of Economic Cooperation and Development. FDI stock data were estimated as an accumulation of flows. Under the GIPC Act, 1994 (Act 478), the Ghana Investment Promotion Centre started registering and recording information on FDI-related projects in September 1994. However, the GIPC does not include projects in the minerals and petroleum sector, and basically reports information on registered projects. This project-specific data is subject to validation by the Bank of Ghana and the Ghana Customs and Preventive Service. Recently, the GIPC embarked on an exercise to determine which of the registered projects are operational. The Minerals Commission provides information on total annual investment inflows into the mining sector from 1983 onwards. Only data on inflows are reported. However, so far, it is not possible to separate the FDI portion of investment. Exploration for development and production of petroleum in Ghana come under the jurisdiction of the Law of 1983 (PNDCL 64). Ghana’s investments in the upstream petroleum sector have been with exploration levies from Ghana National Petroleum Corporation (GNPC)’s internal resources, grants and long-term loans. FDI in this sector has largely been the result of the GNPC’s promotion of sedimentary basins to foreign oil companies. Data reported by the GNPC represent exploration costs incurred by foreign companies. A joint management/technical team comprising officials from the GNPC and prospecting companies validated the data. At present, it is not possible to exactly determine the foreign share in these investments. In 1995, the Ghanaian Parliament enacted the country's free Zone Act (FZA) which created attractive packages of Incentives for hassle-free business operation for exporting firms. These incentives serve to amplify business in what is already a centre for international business. The FZA allows for production, manufacturing, and services, including financial services, exemption from taxes on profits for 10Years; up to 30%t of the annual production can be sold in the national customs zone; a foreign investor may take hold of 100% of shares in free Zone property; income tax after 10 years shall not exceed 8%. Also, foreign and domestic investors shall have equal status. Ghana is also a member of a number of integration schemes that include the African Union, New Partnership for Africa's Development and is an eligible member of the United States' market access initiative for African countries - the African Growth and Opportunity Act and the Cotonou Agreement for the renegotiation of the partnership between the African, Caribbean and Pacific countries and the European Union. Ghana is a member of the Multilateral Investment Guarantee Agency and the World Trade Organization.

Posted November 2006

B. Statistics on FDI and the operations of TNCs

Table 1. Summary of FDI

(Millions of dollars)

Variable Inward Outward1. FDI flows, 2002-2005 (annual average) 122.6 0.22. FDI flows as a percentage of GFCF, 2002-2005 (annual average) 6.1 0.013. FDI stock, 2005 2 073.2 150.64. FDI stock as a percentage of GDP, 2005 19.4 1.4Source: Based on tables 3a, 4 and UNCTAD, FDI/TNC database.

UNCTAD WID Country Profile: GHANA Page 3 of 19

Table 3a. FDI flows, by type of investment, 1980-2005

(Millions of dollars)

Inward investment Outward investment

Year

1980 3.1 12.2 0.3 15.6 .. .. .. ..1981 6.2 11.6 -1.5 16.3 .. .. .. ..1982 5.7 10.6 .. 16.3 .. .. .. ..1983 0.8 1.6 .. 2.4 .. .. .. ..1984 .. 2.0 .. 2.0 .. .. .. ..1985 5.6 .. .. 5.6 .. .. .. ..1986 4.3 .. .. 4.3 .. .. .. ..1987 4.7 .. .. 4.7 .. .. .. ..1988 5.0 .. .. 5.0 .. .. .. ..1989 15.0 .. .. 15.0 .. .. .. ..1990 14.8 .. .. 14.8 .. .. .. 0.21991 20.0 .. .. 20.0 .. .. .. ..1992 22.5 .. .. 22.5 .. .. .. 0.51993 125.0 .. .. 125.0 .. .. .. ..1994 233.0 .. .. 233.0 .. .. .. ..1995 106.5 .. .. 106.5 .. .. .. 0.51996 120.0 .. .. 120.0 .. .. .. 150.01997 81.8 .. .. 81.8 .. .. .. 0.21998 167.4 .. .. 55.7 .. .. .. -0.41999 243.7 .. .. 243.7 .. .. .. 0.32000 165.9 .. .. 165.9 .. .. .. 0.12001 89.3 .. .. 89.3 .. .. .. -0.32002 58.9 .. .. 58.9 .. .. .. 0.12003 136.7 .. .. 136.6 .. .. .. 0.32004 139.3 .. .. 139.3 .. .. .. 0.12005 107.8 .. 48.0 155.7 .. .. .. 0.3

Source : UNCTAD, FDI/TNC database. Note : FDI inflows: IMF for 1980-1989 and Bank of Ghana for 1990-2005. FDI outflows: World Bank for 1990, 1992, 1995,and 1997-2003, and estimate for 1996 and 2004-2005.

Equity Reinvested earnings

Intra-company

loansTotalEquity Reinvested

earnings

Intra-company

loansTotal

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Table 4. FDI stock, by type of investment, 1980-2005

(Millions of dollars)

Inward Investment Outward Investment

Year

1980 .. .. .. 232.9 .. .. .. ..1981 .. .. .. 249.2 .. .. .. ..1982 .. .. .. 265.5 .. .. .. ..1983 .. .. .. 267.9 .. .. .. ..1984 .. .. .. 269.9 .. .. .. ..1985 .. .. .. 275.5 .. .. .. ..1986 .. .. .. 279.8 .. .. .. ..1987 .. .. .. 284.5 .. .. .. ..1988 .. .. .. 289.5 .. .. .. ..1989 .. .. .. 304.5 .. .. .. ..1990 .. .. .. 319.3 .. .. .. ..1991 .. .. .. 339.3 .. .. .. ..1992 .. .. .. 361.8 .. .. .. ..1993 .. .. .. 486.8 .. .. .. ..1994 .. .. .. 719.8 .. .. .. ..1995 .. .. .. 826.3 .. .. .. ..1996 .. .. .. 946.3 .. .. .. 150.01997 .. .. .. 1 028.1 .. .. .. 150.21998 .. .. .. 1 083.8 .. .. .. 149.81999 .. .. .. 1 327.5 .. .. .. 150.12000 .. .. .. 1 493.4 .. .. .. 150.22001 .. .. .. 1 582.7 .. .. .. 149.92002 .. .. .. 1 641.6 .. .. .. 150.02003 .. .. .. 1 778.2 .. .. .. 150.32004 .. .. .. 1 917.4 .. .. .. 150.42005 .. .. .. 2 073.2 .. .. .. 150.6

Source : UNCTAD, FDI/TNC database. Note : FDI inward stock: estimated by accumulating inflows since 1970. FDI outward stock: estimated byaccumulating inflows since 1996.

Equity Reinvested earnings

Intra-company

loansTotal Equity Reinvested

earnings

Intra-company

loansTotal

UNCTAD WID Country Profile: GHANA Page 5 of 19

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Belgium .. .. .. .. .. .. .. .. .. .. .. .. .. 1.1 ..France .. -0.2 .. .. .. -0.2 0.2 2.2 .. .. .. .. .. .. ..Germany 1.2 .. 1.3 5.9 1.2 -2.7 52.0 .. -1.1 .. .. -7.2 -5.6 1.1 6.2Malaysia .. .. .. .. .. .. 2.4 1.1 1.8 0.5 50.5 .. .. .. ..Netherlands .. -10.6 -16.3 -21.4 -4.8 5.5 17.0 15.8 2.2 4.3 -1.8 16.1 6.6 -6.8 ..Portugal .. .. .. .. .. .. .. .. 1.5 1.2 1.4 0.2 0.2 0.1 ..Sweden .. .. .. .. .. .. .. 0.1 0.4 0.1 .. 2.0 .. .. 2.4United States -2.0 23.0 -20.0 -10.0 47.0 41.0 58.0 29.0 50.0 -92.0 -24.0 91.0 -31.0 6.0 119.0Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Economy 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004France -0.2 0.2 .. .. .. -0.3 .. .. .. .. .. .. ..Germany .. .. .. .. 1.3 .. 26.7 .. .. 8.1 0.9 -32.7 ..Malaysia .. .. .. .. .. 2.0 .. .. .. .. .. .. ..United States .. .. .. .. .. .. .. -1.0 .. .. -3.0 3.0 1.0Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Canada .. .. .. .. 8.6 26.4 92.7 101.5 67.3 74.1 92.0 52.1 42.4 37.9 ..Germany .. 4.6 3.7 3.5 13.6 24.4 27.7 34.6 38.3 28.1 14.0 14.1 .. .. ..Malaysia .. .. .. .. .. .. 2.4 2.3 4.2 4.7 55.3 55.3 55.3 .. ..Netherlands 28.7 32.2 15.8 -4.5 11.4 39.8 50.6 53.5 36.2 37.2 46.5 66.1 65.0 44.2 ..Portugal .. .. .. .. .. .. .. .. .. .. .. .. .. 0.0 ..United Kingdom 108.0 170.2 158.8 164.4 270.3 .. .. .. .. .. .. .. .. .. ..United States 116.0 141.0 122.0 117.0 149.0 190.0 248.0 279.0 330.0 225.0 205.0 297.0 266.0 268.0 258.0Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Table 15. FDI stock abroad, by geographical destination, 1998-2003

Economy 1998 1999 2000 2001 2002 2003United Rep. of Tanzania 542.7 418.7 149.9 174.9 .. ..United States .. -1.0 -1.0 -1.0 -4.0 -1.0Source : UNCTAD, FDI/TNC database.Note : FDI inward stock: Estimated by accumulating inflows since 1970. FDI outward stock: Estimated by accumulating inflows since 1996.

Table 12. FDI stock in the host economy, by geographical origin, 1990-2004

(Millions of dollars)

(Millions of dollars)

Table 6. FDI flows in the host economy, by geographical origin, 1990-2004

(Millions of dollars)

Table 9. FDI flows abroad, by geographical destination, 1992-2004

(Millions of dollars)

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Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin and by industry, 2005

(Cumulative number)

Region/economy / Sector/industry Total Primary

Agriculture, hunting, forestry

and fishing Secondary Tertiary Construction Trade

Transport, storage and

communicationsBusiness activities

Other services

Total world 2 129 148 148 576 1 405 155 337 226 138 549Developed countries 838 70 70 185 583 73 83 88 58 281

Europe 626 50 50 143 433 58 71 61 50 193European Union 573 44 44 132 397 53 64 58 44 178

Belgium 28 6 6 1 21 2 8 3 1 7Denmark 27 2 2 6 19 1 2 - 6 10France 46 4 4 12 30 2 3 9 3 13Germany 115 13 13 28 74 9 6 12 5 42Italy 66 2 2 32 32 14 6 8 1 3Netherlands 73 10 10 8 55 4 11 9 3 28Spain 20 3 3 6 11 4 3 1 - 3United Kingdom 198 4 4 39 155 17 25 16 25 72

Other Europe 53 6 6 11 36 5 7 3 6 15Switzerland 53 6 6 11 36 5 7 3 6 15

North America 173 17 17 32 124 14 10 24 6 70Canada 40 3 3 8 29 5 5 4 - 15United States 133 14 14 24 95 9 5 20 6 55

Other developed countries 39 3 3 10 26 1 2 3 2 18Australia 27 1 1 7 19 1 1 3 2 12Israel 12 2 2 3 7 - 1 - - 6

Developing economies 831 44 44 274 513 46 159 91 49 168Africa 106 2 2 18 86 7 15 3 10 51

Côte d'Ivoire 12 - - 4 8 2 2 1 1 2Nigeria 59 2 2 12 45 3 9 1 5 27South Africa 35 - - 2 33 2 4 1 4 22

Latin America and the Caribbean 17 1 1 1 15 1 - 1 2 11British Virgin Islands 17 1 1 1 15 1 - 1 2 11

Asia 708 41 41 255 412 38 144 87 37 106West Asia 170 3 3 64 103 17 38 24 1 23

Lebanon 170 3 3 64 103 17 38 24 1 23South, East and South-East Asia 538 38 38 191 309 21 106 63 36 83

China 212 5 5 74 133 11 42 38 6 36Hong Kong, China 11 - - 2 9 - 3 1 5 -India 217 19 19 86 112 7 54 13 19 19Malaysia 12 - - 1 11 - - - 3 8Republic of Korea 71 13 13 19 39 3 5 10 3 18Taiwan Province of China 15 1 1 9 5 - 2 1 - 2

Unspecified 460 34 34 117 309 36 95 47 31 100Source: Ghana Investment Promotion Centre.

Notes: Data refer to the number of registered projects in Ghana from September 1994 to March 2006. Trade refers to exports and general trade. Transport, storage and communications refer totourism. Business activities refer to liaison activities.

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Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Germany .. 4 4 3 5 7 9 11 11 8 6 5 .. ..United States 8 8 8 6 4 4 5 5 5 5 5 6 6 6Source: UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Germany .. .. .. .. .. .. 64.3 55.8 119.5 100.5 93.1 88.1 .. ..United States 216 213 208 212 298 313 409 463 524 512 487 639 590 621Source: UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Germany .. .. .. .. .. 1 2 2 2 2 1 1 .. ..Sweden a .. .. .. .. .. .. .. .. 1.8 .. .. .. .. ..United States 2.5 2.6 2.5 2.3 2.5 .. 3.1 3.2 2.8 .. .. .. 3.0 3.0Source: UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.a Majority-owned affiliates.

Table no. Variable 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 200340 Wages and salaries 16 19 19 17 23 .. 28 34 33 .. .. .. 37 3750 Value added a .. .. .. .. 162 .. 155 180 112 .. .. .. 125 127

Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the United States.a Majority-owned affiliates of United States TNCs.

Economy 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Germany .. .. .. .. 61.6 69.8 66.5 115.3 113.7 106.5 92.1 89.5 .. ..United States 237 222 228 .. 281 355 348 430 348 444 427 493 596 634Source : UNCTAD, FDI/TNC database.Note: Data are based on information reported by the economies listed above.

Table 45. Sales of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2003

(Millions of dollars)

(Millions of dollars)

Table 23. The number of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2003

Table 30. Assets of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2003

(Millions of dollars)

Table 35. Employment of affiliates of foreign TNCs in the host economy, by geographical origin, 1990-2003

(Thousands of employees)

Tables 40 and 50. Wages and salaries and Value added of affiliates of United States TNCs in Ghana, 1990-2003

UNCTAD WID Country Profile: GHANA Page 8 of 19

Table 86. Largest home-based TNCs, 2004

(Millions of dollars and number)

Company Industry Sales Employees

A. Industrial

Ashanti Goldfields Limited Mining and quarrying 564 11 200

B. Tertiary

Luki Investment Limited Wholesale trade 1 10

C. Finance and insurance Assets Employment

Bank of Ghana Finance 1 264 2 000 a

a 2001.

Sources: The Banker's Almanac, 2003 (London, Reed Information Services, 2003); ThomsonAnalytics (http://analytics.thomsonib.com/); Who Owns Whom database(https://solutions.dnb.com/wow).

86

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Table 87. Largest affiliates of home-based TNCs, 2004

(Millions of dollars and number)

Company Name Host Economy Industry Sales Employees

A. Industrial

Société Ashanti Goldfields de Guinée Guinea Mining and quarrying 75 915Geita Gold Mine Tanzania Mining and quarrying .. 20 a

B. Tertiary

.. .. .. .. ..

C. Finance and insurance Assets Employees

Ghana International Bank United Kingdom Finance .. 47

a 2002.

Sources : The Banker's Almanac , 2003 (London, Reed Information Services, 2003); ThomsonAnalytics (http://analytics.thomsonib.com/); Who Owns Whom database(https://solutions.dnb.com/wow).

87

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Table 88. Largest affiliates of foreign TNCs in the host economy, 2004

(Millions of dollars and number)

Company Home Economy Industry Sales Employees

A. Industrial

Unilever Ghana Ltd United Kingdom Food products, beverages and tabacco 100 ..British American Tobacco Ghana United Kingdom Food products, beverages and tabacco 40 380 a

Volta Aluminium ompany United States Metal and metal products .. 1 555 b

Pioneer Food Cannery United States Food products, beverages and tabacco .. 1 500 c

Gold Fields Ghana South Africa Mining and quarrying .. 1 259 c

Teberebie Goldfields Italy Mining and quarrying .. 1 100 b

Abosso Goldfields South Africa Mining and quarrying .. 900 c

Nestle Ghana Switzerland Food products, beverages and tabacco .. 897 c

Ghana Manganese Company United Kingdom Mining and quarrying .. 600 c

Accra Brewery Limited United Kingdom Food products, beverages and tabacco .. 430 c

Bonte Gold Mines Canada Mining and quarrying .. 320 c

Cadbury Ghana Limited United Kingdom Food products, beverages and tabacco .. 247 c

Peterson Zochonis Industries United Kingdom Chemicals and chemical products .. 138 c

Ghana Aluminium Products Bermuda Metal and metal products .. 112 c

Prestea Sankofa Gold United Kingdom Mining and quarrying .. 100 c

B. Tertiary

Shell Ghana Limited United Kingdom Wholesale trade 161 211Mobil Oil Ghana United States Other business services 152 ..Olam Ghana Singapore Wholesale trade 113 509Taysec Construction United Kingdom Construction 60 ..Elf Oil Ghana France Wholesale trade 16 ..CFAO France Wholesale trade 8 145 a

Reiss & Company United Kingdom Wholesale trade 5 73 a

Umarco Ghana France Transport and storage 1 ..Neoplan Ghana Germany Automotive trade and repair .. 400 c

Bayswater Contracting & Mining Australia Other business services .. 120 b

BMC Ghana Australia Construction .. 120 c

Pricewaterhousecoopers United States Other services .. 100 c

Dizengoff Ghana United Kingdom Wholesale trade .. 100 c

Ernst & Young United States Research and development .. 91 c

Panalpina Ghana Switzerland Transport and storage .. 80 b

C. Finance and insurance Assets Employees

Barclays Bank of Ghana United Kingdom Finance 310 c 771 c

Standard Chartered Bank Ghana United Kingdom Finance 309 ..SSB Bank Switzerland Finance 185 c 1 500 c

Ecobank Ghana Togo Finance 180 220 c

CAL Merchant Bank United States Finance 42 140 c

The Trust Bank Belgium Finance 36 123 d

Metropolitan Insurance Company India Insurance .. 20

a 2003. b 2002. c 2001. d 2000. e Estimate.

Sources: The Banker's Almanac, 2003 (London, Reed Information Services, 2003); Thomson Analytics(http://analytics.thomsonib.com/); Who Owns Whom database (https://solutions.dnb.com/wow); L'intelligent Jeune Afrique, "The AfricaReport: Top 500 companies" (March 2006).

88

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C. Legal Framework for Transnational Corporations The key national, bilateral and multilateral legal instruments for regulating the activities of transnational corporations and foreign investors in Ghana include: I. National Framework 1. Ghana Investment Promotion Centre Act, 1994 (Act 478)

Source: Official Gazette of the Republic of Ghana, 2nd September 1994. 2. Technology Transfer Regulations, 1992 (LI 1547)

Source: Official Gazette of the Republic of Ghana, 18th December 1992. 3. Free Zones Act, 1995 (Act 504)

Source: Official Gazette of the Republic of Ghana, 15th September 1995. 4. Exchange Control Act, 1961 (Act 71) Source: Publication Number GP/A259/4,886/8/61-62 of the Government Printing Department, Accra,

Ghana. 5. Exchange Control Regulations, 1961 (LI 133) Source: Official Gazette of the Republic of Ghana, 11th August 1961. 6. Aliens Act, 1963 (Act 160) Source: Publication Number SPC/A10502/4,030/6/66 of the State Publishing Cor-poration (Printing

Division) Accra-Tema, Ghana. 7. Aliens Regulations, 1963 (LI 265)

Source: Official Gazette of the Republic of Ghana, 5th April 1963. 8. Aliens (Registration) Regulations, 1974 (LI 856)

Source: Official Gazette of Republic of Ghana, 11th January 1974. 9. Securities Industry Law, 1992 (PNDCL 333)

Source: Official Gazette of the Republic of Ghana, 19th November 1993. 10. Stock Exchange (Ghana Stock Exchange) Listing Regulations, 1990 (LI 1509)

Source: Official Gazette of the Republic of Ghana, 11th January 1991. 11. Minerals & Mining Law, 1986 (PNDCL 153) Source: Official Gazette of the Republic of Ghana, 18th July 1986. 12. Minerals and Mining (Amendment) Act, 1994 (Act 475) Source: Official Gazette of Republic of Ghana, 25th February 1994. 13. Petroleum Decree, 1973 (NRCD 187) Source: Official Gazette of the Republic of Ghana, 6th July 1973. 14. Petroleum (Exploration and Production) Law, 1984 (PNDCL 84) Source: Official Gazette of the Republic of Ghana, 29th June 1984. 15. Insurance Law, 1989 (PNDCL 227) and Regulations made there under

UNCTAD WID Country Profile: GHANA Page 12 of 19

Source: Official Gazette of the Republic of Ghana, 29th December 1989. 16. Companies Code, 1963 (Act 179) Source: Acts of Ghana, Vol. IV, Act 179, Publication Number GP/A270/5,396/11/62-63 of the

Government Printing Dept., Accra, Ghana. 17. Companies (Prescribed Forms) Instrument, 1963 (LI 289) Source: Official Gazette of the Republic of Ghana, 12th July 1963. 18. Registration of Business Names Act, 1962 (Act 151) Source: Acts of Ghana, Vol. III, Act 179, Publication Number GP/A270/5,396/11/62-63 of the

Government Printing Department, Accra, Ghana. 19. Registration of Business Names (Amendment) Decree, 1974 (NRCD 293) Source: Official Gazette of the Republic of Ghana, 11th October 1974. 20. Registration of Business Regulations, 1972 (LI 982) Source: Official Gazette of the Republic of Ghana, 11th October 1974. 21. Incorporated Private Partnerships Act, 1962 (Act 152) Source: Acts of Ghana Vol. III, Publication Number GP/A270/5,396/11/62-63 of the Government

Printing Department, Accra, Ghana. 22. Incorporated Private Partnership Act (Amendment) Act, 1980 (Act 423) Source: Acts of Ghana Vol. V, Act 423. Publication Number GPC/A736/5,220/8/80 of the Ghana

Publishing Corporation, Accra, Ghana. 23. Bodies Corporate (Official Liquidation) Act, 1963 (Act 180) Source: Acts of Ghana Vol. IV, Act 180. Publication Number GP/A1410/5,506/7/62-63 of the

Government Printing Department, Accra, Ghana. 24. Insolvency Act, 1963 (Act 153) Source: Acts of Ghana Vol. III, Act 153. Publication Number GP/A270/4,396/11/62-63 of the

Government Printing Department, Accra, Ghana. 26. Environmental Protection Agency Act, 1994 (Act 490) Source: Official Gazette of the Republic of Ghana, 30th December 1994. 27. Banking Law, 1989 (PNDCL 225) Source: Official Gazette of the Republic of Ghana, 2nd December 1989. 28. Finance Lease Law, 1993 (PNDCL 331) Source: Official Gazette of the Republic of Ghana, 18th June 1993. 29. Industrial Relations Act, 1965 (Act 229) Source: Acts of Ghana Vol. V, Act 299. 30. Labour Decree, 1967 (NCLD 157), as amended, and Regulations made thereunder Source: Official Gazette of the Republic of Ghana, 14th April 1967. 31. Social Security Law, 1991 (PNDCL 247) Source: Official Gazette of the Republic of Ghana, 15th February 1991. 32. Workmen’s Compensation Law, 1987 (PNDCL 187) Source: Official Gazette of the Republic of Ghana, 21st August 1987.

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33. Factories, Offices and Shops Act, (Act 328) Source: Acts of Ghana Vol. V, Act 328, Publication Number GPC/A1384/7,508/6/70. 34. Factories, Offices and Shops (Amendment) Law, 1983 (PNDCL 66) Source: Official Gazette of the Republic of Ghana, 2nd September 1983. 35. Income Tax Decree, 1975 (SMCD 5) Source: Official Gazette of the Republic of Ghana, 24th December 1975. 36. Income Tax (Amendment) Act 1998 (Act 551) Source: Official Gazette of the Republic of Ghana, 8th May 1998. 37. Stamp Duty Act, 1965 (Act 311) Source: Acts of Ghana Vol. V, Act 311. 38. Stamp Duty (Amendment) Act, 1996 (Act 510) Source: Official Gazette of the Republic of Ghana, 22nd March, 1996. 39. Capital Gains Tax Decree, 1975 (NCRD 347) Source: Official Gazette of the Republic of Ghana, 29th August 1975. 40. Capital Gains Tax (Amendment) Act, 1996 (Act 513) Source: Official Gazette of the Republic of Ghana, 22nd March 1996. 41. Additional Profits Tax Law, 1985 (PNDCL 122) Source: Official Gazette of the Republic of Ghana, 25th October 1985. 42. Minerals (Royalties) Regulations, 1986 (LI 1340) Source: Official Gazette of the Republic of Ghana, 24th December 1986. 43. Minerals (Royalties) Regulations, 1987 (LI 1348) Source: Official Gazette of the Republic of Ghana, 28th August 1987. 44. Petroleum Income Tax Law, 1987 (PNDCL 188) Source: Official Gazette of the Republic of Ghana, 4th September 1987. 45. Casino Revenue Tax Decree, 1973 (NRCD 200) Source: Official Gazette of the Republic of Ghana, 30th August 1973. 46. Casino Revenue Tax (Amendment) Law 1985, (PNDCL 133) Source: Official Gazette of the Republic of Ghana, 24th December 1985. 47. Tax Collection (Receipts) Decree, 1975 (NRCD 349) Source: Official Gazette of the Republic of Ghana, 29th August 1973. 48. Internal Revenue Service Law, 1986 (PNDCL 143) Source: Official Gazette of the Republic of Ghana, 4th April 1986. 49. Income Tax (Registration of Trade, etc.) Law, 1988 (PNDCL 201) Source: Official Gazette of the Republic of Ghana, 9th September 1988. 50. Gambling Machines Decree, 1973 (NCRD 174) Source: Official Gazette of the Republic of Ghana, 4th May 1973. 51. Value Added Tax Service Act, 1998 (Act 546) Source: Official Gazette of the Republic of Ghana, 18th March 1998.

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52. Value Added Tax Regulations, 1998 (LI 1646) Source: Official Gazette of the Republic of Ghana, 12th June 1998. 53. Customs Excise and Preventive Service (Management) Law, 1993 (PNDCL 330) Source: Official Gazette of the Republic of Ghana, 11th May 1998. 54. Customs Excise and Preventive Service (Management) (Amendment) Act, 1998 (Act 552) Source: Official Gazette of the Republic of Ghana, 8th May 1998. 55. Copyright Law, 1985 (PNDCL 110) Source: Official Gazette of the Republic of Ghana, 21st June 1985. 56. Copyright (Fee) Regulations, 1965 (LI 620) Source: Official Gazette of the Republic of Ghana, 9th May 1969. 57. Patent Law, 1992 (PNDCL 332) Source: Official Gazette of the Republic of Ghana, 18th June 1993. 58. Textile Designs (Registration) Decree, 1973 (NCRD 213) Source: Official Gazette of the Republic of Ghana, 14th September 1973. 59. Textile Designs (Registration) Regulations, 1966 (LI 512) Source: Official Gazette of the Republic of Ghana, 24th June 1966. 60. Trade Marks Act, 1965 (Act 270) Source: Acts of Ghana, Vol. V, Act 270. 61. Trade Marks Regulations, 1970 (LI 667) Source: Official Gazette of the Republic of Ghana, 4th December 1970. 62. Food and Drugs Law, 1992(PNDCL 305B) Source: Official Gazette of the Republic of Ghana, 16th July 1993. 63. Standards Decree, 1973 (NRCD 173) Source: Official Gazette of the Republic of Ghana, 4th May 1973. 64. Ghana Standards Board (Food, Drugs and Other Goods) General Labelling Rules, 1992 (LI 1541) Source: Official Gazette of the Republic of Ghana, 11th September 1992. 65. Ghana Standards (Certification Mark) Rules, 1970, (LI 662) Source: Official Gazette of the Republic of Ghana, 17th September 1970. 66. Export and Import Act, 1995 (Act 503) Source: Official Gazette of the Republic of Ghana, 11th August 1995. 67. External Companies and Diplomatic Missions (Acquisition and Rental of Immovable Property) Law,

1986 (PNDCL 150) Source: Official Gazette of the Republic of Ghana, 13th June 1986.

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II. International Framework

Multilateral Treaties 1. African Development Bank (Immunities and Privileges) Decree, 1967 (NLCD 173) Source: Official Gazette of the Republic of Ghana, 2nd June 1967. 2. International Development Association Act, 1960 (Act 11) Source: Acts of Ghana, Vol. I. Act 11. 3. International Bank, Fund and Finance Corporation (Amendment ) Act, 1960 (Act 12) Source: Acts of Ghana, Vol. I Act 12. 4. Arbitration Act, 1961 (Act 38), (including the U.N. Convention on the Recognition and Enforcement

of Foreign Arbitral Awards) Source: Acts of Ghana, Vol. II, Act 38. 5. Convention on the Recognition and Enforcement of Foreign Arbitral Awards of June 10, 1958,

entered into force on 7 June 1959. Source: United Nations, Treaty Series, Vol. 330, p. 3. 6. Convention on the Settlement of Investment Disputes Between States and Nationals of Other States of

18 March 1965. Entered into force on 14 October 1966. Source: World Bank, Depository of the Original convention. The convention was published under

document ICSID/2. 7. Convention Establishing Multilateral Investment Guarantee Agency of 11 October 1985. Entered into

force on 12 April 1988. Source: Multilateral Investment Guarantee Agency. Convention Establishing the multilateral

Investment Guarantee Agency and Commentary on the Convention (Washington D.C., MIGA, 1985), pp. 365-403.

8. Marrakesh Agreement Establishing the World Trade Organisation of 15 April 1994; entered into force

on 1 January 1995, and including the Agreement on Trade-Related Investment Measures, the General Agreement on Trade in Services and the Agreement on Trade related Aspects of Intellectual Property Rights.

Source: World Trade Organisation, annex 1A-1B and 1C. The Results of the Uruguay Round of Multilateral Trade Negotiations. The Legal Texts (Geneva, World Trade Organisation, 1995), pp. 365-403.

9. Paris Convention for the Protection of Industrial Property of 20 March 1883 (revised at Brussels on 14

December 1900, Washington on 2 June 1911, The Hague on 6 November 1925, London on 2 June 1934, Lisbon on 31 October 1958, Stockholm on 14 July 1967, and as amended on 2 October 1979), signed in 1963.

Sources: World Intellectual Property Organisation: Depository of the original convention and revisions and United Nations, Treaty Series, vol. 828, p. 107 (Lisbon Revision); vol. 828, p. 305 (Stockholm Revision).

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Regional Treaties 1. Protocol on Patents and Industrial Designs within the Framework of the Industrial Property

Organization for English-speaking Africa (ESARIPO) (Ratification) Law, 1985 (PNDCL 137) Source: Official Gazette of the Republic of Ghana, 24th December 1986. 2. Partnership Agreement Between the Members of the African, Caribbean and Pacific Group of States

of the One Part, and the European Community and Its Member States, of the Other Part, signed in Cotonou, Benin on 23 June 2000.

Source: African, Caribbean and the Pacific States and the European Community (2000). “Partnership Agreement Between the Members of the African, Caribbean and Pacific Group of States of the One Part, and the European Community and Its Member States, of the Other Part”, Official Journal of the European Communities, L317, 15 December 2000, p. 3; available also on the Internet (http://www.acpsec.org/gb/cotonou/accord1.htm).

Bilateral Treaties 1. Bilateral investment treaties for the promotion and protection of foreign direct investment: Bulgaria, signed on 20 October 1989, not yet ratified. China, signed on 12 October 1989 and ratified on 26 March 1991. Cote d'Ivoire, signed on 4 November 1997, not yet ratified. Cuba, signed on 2 November 1999. Denmark signed on 13 January 1992 and entered into force on 6 January 1995. Egypt, signed on 11 March 1998, not yet ratified. France, signed on 26 March 1999, not yet ratified. Germany, signed on 24 February 1995 and ratified on 28 October 1998. Italy, signed on 25 June 1998, not yet ratified. Malaysia, signed on 8 November 1996, not yet ratified. Netherlands, signed on 31 March 1989 and entered into force on 1 July 1991. Romania, signed on 14 September 1989, not yet ratified. South Africa, signed on 6 May 1998, not yet ratified. Switzerland, signed on 18 October 1991 and entered into force on 16 June 1993. United Kingdom, signed on 22 March 1989 and entered into force on 25 October 1991. United States Kingdom, signed on 26 March 1999, not yet ratified. Source: UNCTAD database on Bilateral Investment Treaties. 2. Bilateral investment treaties for the avoidance of double taxation: Denmark, signed on 22 December 1954. France, signed on 5April, 1993, not yet ratified. United Kingdom, signed on 20 January, 1993, not yet ratified. Source: UNCTAD database on Double Taxation Treaties.

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D. Sources of information Official Bank of Ghana (www.bog.gov.gh).

Secondary Ahiakpor, James C. W. (1986). “The Profits of Foreign firms in a Less Developed Country: Ghana”, Journal

of Development Economics, 22(2), Amsterdam, Jul/Aug, pp. 321-335. Bannerman, Reginald E. (1986). “Foreign Investment in Ghana”, International Financial Law Review, 5(3),

London, March, pp. 37-38. Bannerman, Reginald E. (1985). “Ghana Enacts Investment Law Reform”, International Financial Law

Review, 14(3), London, March, pp. 23-25. Besley, T. (1995). “Property Rights and Investment Incentives: Theory and Evidence from Ghana”, Journal of

Political Economy, 103(5), October, pp. 903-937. Boateng A. and Keith W. Glaister (1999). “Foreign Direct Investment in Ghana: Patterns of Activity,

Distribution and the Role of Government Policy”, Journal of Euro-Marketing, 8(4), New York, pp. 51-74.

Economist Intelligence Unit (EIU) (2002a). Country Profile: Ghana (London: EIU Ltd.).

___________________(2002b). Country Report: Ghana (London: EIU Ltd.), September.

___________________(2005a). Country Profile: Ghana (London: EIU Ltd.).

___________________(2005b). Country Report: Ghana (London: EIU Ltd.), September.

International Monetary Fund (IMF) (2006). IMF's Sub-Saharan Africa Regional Economic Outlook, March 10, 2006. (Washington D.C.: IMF).

Soderbom, M. and F. Teal (2004). "Size and Efficiency in Africa Manufacturing firms: Evidence from Firm-Level Panel Data." Journal of Development Economics, 73. pp 369 - 394.

United Nations Conference on Trade and Development (UNCTAD) (2005a). Investor-Disputes Arising from Investment Treaties: A Review. UNCTAD Series of International Investment Policies for Development (UNCTAD/ITE/IIT/2005/4).

___________________(2005b). A Survey of Support by Investment Promotion Agencies to Linkages.

Advisory Studies No. 18 (UNCTAD/ITE/IPC/2005/12). ___________________(2006). Blue Book on Best Practice in Investment Promotion and Facilitation:

Ghana (UNCTAD/ITE/IPC/2006/13). United States Trade Representative (2006). 2006 Comprehensive Report on U.S. Trade and Investment Policy

Toward Sub-Saharan Africa and Implementation of the Africa Growth and Opportunity Act: The Sixth of Eight Annual Reports, May 2006. (Washington D.C.: US Government).

Willem Dirk te Velde and Oliver Morrissey (2002). "Foreign ownership and wages: evidence from five African countries (Cameroon, Ghana, Kenya, Zambia and Zimbabwe) (Nothingham: Center for Research in Economic Development and International Trade, University of Nothingham; Research paper No. 01/19).

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World Bank (2002). Global Economic Prospects and the Developing Countries 2003: Investing to Unlock

Opportunities (Washington D.C.: World Bank).

World Economic Forum (2000/2001). Africa competitiveness report (New York: Oxford University Press).

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