Abstract:
The importance of technology transfer for economic development can hardly be overstated. Both the acquisition of technology and its diffusion foster productivity growth.
However, invention and creation processes remain overwhelmingly with the developed countries. Developing countries rely largely on imported technologies as sources of new productive knowledge and socio-economic growth.
Many businesses and entities in developing countries, however, face significant obstacles in their efforts to enter into technology transfer transactions with the developed countries. These include high cost, restrictive business practices, the imperfections of state institutions, lack of adequate legal framework, institutional capabilities and arrangements to facilitate the acquisition of these technologies.
As a result, many developing countries have long sought to boost technology transfers through national policies and international agreements. National policies cover a wide range of topics, including funding for technological development and acquisition, tax incentives for capital equipment purchases, and Intellectual Property Rights. Many developing nations sought a code of conduct to regulate technology transfers under United Nation auspices in the late 1970s, however till date the Code has not been adopted by member countries.
In view of this many countries in the 1990s enacted legislation, regulations and supported international and multilateral arrangements and dialogues focused at supporting technology transfers in order to create a conducive climate for technology transfers to realise the multiple benefits.
Ghana, also, in 1992 enacted a primary legislation with several other ancillary legislations to regulate technology transfers. In order to determine whether Ghana has in place adequate and suitable legal and institutional framework for the transfer of technology, laws that regulate the sector must be scrutinize. This study discusses the legal and regulatory framework of technology transfers in developing countries with a particular focus on Ghana. Similar regimes in Nigeria and Egypt which are viewed as having a well-established regime were examined with the aim of recommending best practices from these two countries to the Ghanaian authorities.
The study reveals that the current legal and regulatory framework governing technology transfers are obsolete and there is lack of adequate institutional arrangement to regulate technology transfers.
The conclusion narrates that Ghana needs to revise the Ghana Investment Promotion Centre Act 2013, Act 865 and Technology Transfer Regulations 1992, LI 1547 the primary legislations governing technology transfers in other to enhance the current framework. Also, Ghana can learn best practices from Nigeria and Egypt where there is well-developed regulatory framework for technology transfers.
