What is a Technology Transfer Agreement in Ghana?

Aseda Manufacturing, a Ghanaian company specializing in electronic parts, has recently entered into a Technology Transfer Agreement (“TTA”) with Sachen Corporation, a foreign company known for its advanced technological solutions for 2 years. The TTA involves Sachen Corporation providing specialized technical expertise, including cutting-edge ICT solutions and manufacturing processes, to enhance Aseda Manufacturing’s capabilities.
Unknown to Aseda Manufacturing, the law governing such agreements in Ghana requires that any TTA lasting at least 18 months between a Ghanaian company and a foreign one must be registered with the Ghana Investment Promotion Centre (“GIPC”). The TTA are governed by the Ghana Investment Promotion Centre Act 2013 (Act 865) and the Technology Transfer Regulations, 1992 (L.1 1547).
Aseda Manufacturing, wants to be compliant with the law and must enter into a TTA with Sachen Corporation and register it the with the GIPC. Aseda Manufacturing needs to carefully document the details of the TTA, ensuring a clear description of the specialized services provided by Sachen Corporation, including exclusive industrial property rights, technical expertise, and managerial services. Additionally, they must outline the proposed training plan for local staff and understand the tax implications, particularly royalties payable by Sachen Corporation.
The legal team at Aseda Manufacturing is tasked with developing the necessary documentation, bearing in mind that even though there is no set template for TTAs, they need to ensure that the agreement aligns with the key features required by the GIPC.