Any enterprise with foreign participation is obliged to register with the GIPC, which requires a minimum investment (in the form of cash or capital goods) of:
- USD200,000 in the case of a joint enterprise with a Ghanaian citizen. The Ghanaian citizen should holds at least 10% equity participation in the joint enterprise;
- USD500,000 where the enterprise is wholly owned by a non-citizen;
- USD1 million in the case of a trading enterprise. It is also required that a trading enterprise should employ at least 20 skilled Ghanaians.
An enterprise registered with the GIPC is entitled to benefits and incentives applicable under the Internal Revenue Act, Value Added Tax Act and the Customs Harmonised Commodity and Tariff Code Schedule to the Customs, Excise and Preventive Service (Management) Act.
Capital expenditure on assets relating to mineral and petroleum exploration and production rights qualifies for an enhanced capital allowance regime.
Manufacturing companies located in regional capitals of Ghana are subject to tax at the rate of 18.75% (75% of the standard corporate income tax rate), whereas manufacturing companies located elsewhere pay tax at the rate of 50% of the standard corporate income tax rate.
Income accruing from any farming enterprise is exempt from income tax for periods of five to 10 years depending on the crop or product involved.
During the first five years of operation, income accruing to a company engaged in the construction, for sale or letting, of low-cost affordable residential property is exempt from income tax if the construction project is carried out in partnership with the Ministry of Water Resources, Works and Housing.
Free zone developers and enterprises are exempt from income tax for the first 10 years from commencement of operations and reduced income tax rates thereafter.