Accra, Nov. 19, GNA - Ghana and Switzerland on Wednesday signed a $790,000 technical assistance agreement to develop an effective Intellectual Property (IP) Legislation and Management regime in the country.

The project to be completed in three years has seven components which aim at designing and implementing a balanced system of IP rights that will help to improve the business environment, encourage innovation, improve productivity, enhance investment and facilitate technology transfer for improved competition.

The project, which is being implemented as part of Ghana's Trade Policy Reforms under the Trade Sector Support Programme, will specifically assist government to establish a process and mechanism for formulation and national coordination of Intellectual Property Policy, identification and implementation of options based on international best practices for the modernisation of intellectual property administration and training for the judiciary and for enforcement officials as well as making patent information more available to the public, particularly the private sector.

Papa Owusu Ankomah, Minister of Trade, Industry PSI and PSD and Mr Nicolas Lang, the Swiss Ambassador to Ghana, signed the agreement on behalf of their respective countries.

Papa Owusu Ankomah underscored government's recognition of the important contribution innovative ideas, designs and creativity could make to socio-economic development.

It is in this direction that government was determined to protect the intellectual property of individuals to enhance competition, he said.

The Minister said government was convinced that with the protection of IP rights, the development of new technologies would be stimulated to increase agricultural and industrial production, promote domestic and foreign investment and facilitate technology transfer.

Mr Lang said Switzerland was committed to supporting Ghana in her efforts to facilitate international integration, trade and investment by promoting the protection and use of IP rights. Besides, the various institutions that would implement the reforms would be assisted to establish a modern system of IP legislation, administration and practices to support national growth.

He said the agreement formed part of the Swiss government's economic development assistance to Ghana in the field of macro-economic support, infrastructure financing as well as trade and private sector promotion. Solely financed by the Swiss government, the project will be executed by the Swiss Intellectual Property Institute.