President John Dramani Ma­hama has disclosed to Japanese investors that his government is reviewing the Ghana Investment Promo­tion Centre (GIPC) Act, 2013 (Act 865) to remove what he said were barriers to foreign investment in the country.Speaking at the Presidential Investment Forum at the ongoing Ninth Tokyo Inter­national Conference on African Devel­opment (TICAD-9) in Yokohama, Japan, yesterday, President Mahama said the move is intended to attract more invest­ments into the country.• President John Mahama (third from right) with other participants at the conference"We are open for business and are busy at work reviewing the Ghana Investment Promotion Centre Act.

Some barriers were put to foreign investment."You had to prove that you had brought in a certain amount of money to be classified as a foreign investor.

In the reviewed Ghana Investment Promotion Centre Act, we're removing those minimal capital investments.

This will enable any investor, however little money you have, US$100,000, US$50,000, to be able to come in and set up a business in Ghana," President Mahama said.Under the existing GIPC Act, a foreign investor who partners a Ghanaian in a joint enterprise is required to invest not less than US$200,000 in cash or capital goods relevant to the investment or a combination of both.Where the enterprise is wholly owned by a foreigner, the Act stipulates that the investor must invest a foreign capital of not less than US$500,000 in cash or cap­ital goods relevant to the investment or a combination of both by way of equity capital in the enterprise.Removing the threshold, President Mahama said would ease entry into the country's investment space and create an environment for small and medium-scale investments to thrive.Ghana, President Mahama said, has an enviable track record for hosting Japanese companies and cherishes that relationship.According to him, about US$152 million Japanese investments have been recorded over the years, expressing optimism that there is more room for improvement and expanded investment from Japan."We're moving just not only from overseas development assistance, but we're moving to trade and investment and the private sector will be that engine of growth," he indicated."Ghana", President Mahama lobbied, "is a stable, democratic, business-friendly, gateway to West Africa and the continent.