The Bank of Ghana (BoG) has issued a directive to all commercial banks demanding foreign companies operating in the country register a Technology Transfer Agreement (TTA) with the Ghana Investment Promotion Centre (GIPC).
The directive comes in the wake of a wave of investigations into several banks suspected of breaching money transfer regulations, and banks or persons who flout the directive will be sanctioned.
By registering a TTA, subject to certain conditions, an enterprise is guaranteed unconditional transferability in freely convertible currency of fees and charges in respect of a technology transfer agreement registered under the Ghana Investment Promotion Centre Act.
According to the GIPC’s head of legal, Naa Namley Orleans-Lindsey, the directive aims to curb misdeclarations on documents, under-invoicing and unreported value transfers.
Orleans-Lindsay says there was an upsurge in applications to the GIPC following the BoG’s previous efforts to make sure entities register a TTA and an increase in inquiries from companies and their lawyers wanting to know if their operations require registration.
The latest move was precipitated by the central bank’s investigations into money transfer breaches and BoG has said it is intent on fully investigating apparent violations of money transfer guidelines. Sanctions will be applied to entities that have breached the guidelines.
Categories of services between a parent or external company and their affiliate or subsidiary in Ghana that must be registered with the GIPC include trademarks, tradenames, licences and patents.
The provision of technical expertise, skills transfers as well as managerial services and personnel training must also be registered.
Categories: Trade Based Financial crimes News