The Ghana Investment Promotion Centre(GIPC) is awaiting Cabinet approval to review a draft document of the Technology Transfer Regulation, 1992, L.I 1547, which is inherent in the GIPC law , (Act 865).
According to the Head of Legal Division, Naa Lamle Orleans-Lindsay, when approved by Cabinet and parliament, it will enable it to carry out review of the Technology Transfer Regulation, 1992, L.I 1547.
Speaking at GIPC’s 2nd media orientation workshop in Accra on Thursday, she said there was the need to review the technology transfer regulation to make it current and reflect best practices.
“The GIPC itself is looking at a review of its law and this law contains provisions of TTA, the Act itself and the regulations seeking to improve it and make it compliant with best practices, so that it is useful to local companies and foreign companies seek to provide services to local companies.
We have had extensive stakeholder engagements with the private and public sector over the past couple of years, we have put together a draft document and we are seeking to have this document obtain cabinet approval, that is where we are at the moment.”she said in an interview on the margins at the workshop.
Further, she explained that two legislations generally apply to technology transfers in the Ghanaian economy; GIPC Act 2013, Act 865 and the Technology Transfer Regulations 1992, L.I.1547. The GIPC is required to register, keep records and monitor all technology transfer agreements in Ghana, whiles the TTR set out extensively terms and conditions applicable to technology transfer agreements.
TTA, she disclosed during her presentation has key features including; services to be provided must not be easily and freely available in Ghana, local staff must be trained in the services provided by the TTA as per a Training Schedule, Ghana law must govern the interpretation of the TTA, taxes on royalties must be borne by the Transferor.
In spite of the planned review of the regulation, she indicated that they have a close collaboration with the Bank of Ghana and the Ghana Revenue Authority to ensure compliance of technology transfer legislations as well as close collaboration with other stakeholders to ensure compliance by companies with Act 865 and L.I. 1547
The Deputy CEO of GIPC, Yaw Afriyie GIPC, stated that the centre is working proactively to lead Ghana’s investment case to attract and retain quality FDI and LDI from traditional (Europe and North America) to new partners in Asia and Latin America and Caribbean into healthcare,agriculture, tourism, housing, transport, extractives, infrastructure, aquaculture, technology and services.
The purpose for this year’s media engagement was to educate the media partners on the registration and compliance requirements of GIPC, including monitoring, renewals, exemptions and quotas, discuss subjects on Technology Transfer Agreements (TTAs), Bilateral Investment Treaties, and Aftercare Service division.