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In this Act, unless the context otherwise requires,

“benefits" include facilities, entitlements and exemptions conferred on an enterprise to which this Act applies;

“Board” means the board of directors of the Centre appointed under section 5 (2);

“capital” means cash contributions, plant, machinery, equipment, buildings, spare parts, raw materials and other business assets other than goodwill;

“capital goods” means goods

(a) intended for use in the production of other goods and services and not intended for final consumption; or

(b) which do not have multiple uses and can only be considered as inputs in the production of goods and services;

 “Centre” means the Ghana Investment Promotion Centre established in section 2 (1) of this Act;

“Constitution” means the 1992 Constitution of the Republic of Ghana;

“direct investment” means investment made to acquire a lasting interest in an enterprise operating in the economy of Ghana and intended to give the investor an effective control in the management of the enterprise;

“enterprise” means an industry, project, undertaking or business or an expansion of that industry, undertaking, project or business or any part of that industry, undertaking, project or business;

“expropriation” means the compulsory acquisition of private property by Government for public use upon the payment of the appropriate compensation;

“finished pharmaceutical product” means any chemical sub- stance or product meant for the consumption of the end user;

“foreign capital” means convertible currency, plant, machinery, equipment, spare parts, raw materials and other business assets other than goodwill that enters the country without an initial disbursement of the foreign exchange of this country and that are intended for the production of goods and services related to an enterprise to which this Act applies;

“foreign investor” means a non-citizen, natural or juridical, who makes an investment in the country pursuant to this Act;

“Ghanaian” means a citizen of Ghana or a company, partnership or association or body, whether corporate or unincorporated, which is wholly owned by a citizen of Ghana;

“Government” means any authority by which the executive authority of Ghana is duly exercised;

“indirect investment” means an act or contract by which an investor makes a contribution, whether tangible or intangible, to an enterprise in Ghana without obtaining an equity interest in the enterprise but under which the investor is entitled to returns based, on profits generated by the enterprise;

“investment' includes direct and indirect investments and portfolio investments; “investment priority plan” means the investment priority plan prepared and published by the Centre;

“investor” means any person, natural or juridical, who makes an investment in the country including a foreign investor;

“joint venture” means an investment in an enterprise between a Ghanaian company or individual and a foreign company or individual;

“market" means a public place whether open or enclosed, established and managed by local custom, or specifically designated by the appropriate local government authority or its agents and which has selling sites in the nature of stores and stalls among others for the purpose of selling and buying;

“Minister” means the Minister designated in writing by the President of the Republic as the Minister responsible for the Centre under section 14;

“pharmaceutical product” means any chemical substance or product intended for use in the medical diagnosis, cure, treatment or prevention of disease;

“portfolio investment” means an investment in shares or bonds which are mandatorily convertible into shares or other securities traded on the Ghana Stock Exchange;

“priority area” means an area of investment determined to be of national priority pursuant to section 4;

“public service” means public service as defined in article 190 of the Constitution of the Republic of Ghana;   

“strategic investment” means an investment in a priority area determined by the Board;

"technology transfer agreement” means an agreement with an enterprise which has a duration of not less than eighteen months and which involves

(a) the assignment, sale and licensing of all forms of industrial property, except trademarks, service marks and trade names when they are not part of transfer of technology;

(b) the provision of technical expertise in the form of feasibility studies, plans, diagrams, models, instructions, guides, formulae, basic or detailed engineering designs, specifications and equipment for training, services involving technical advisory and managerial personnel and personnel training;

(c) the provision of technological knowledge necessary for the installation, operation and functioning of the plant and equipment, and turn-key projects; and

(d) the provision of technological knowledge necessary to acquire, install and use machinery, equipment, intermediate goods or raw materials which have been acquired by purchase, lease or other means.

“trading enterprise” means an enterprise which has its principal activity being the purchase and sale of goods, whether imported or not, and provision of services, whether the purchase and sale of goods and services are carried out in a market or any other place; and

“United States Dollars” or “US$” means the lawful currency of the United States of America.