President John Dramani Mahama has announced that the government will soon present a revised Ghana Investment Promotion Centre (GIPC) Bill to Parliament, alongside a legal framework to establish a 24-Hour Economy Authority. The move is aimed at boosting investor confidence and expanding Ghana’s economic activities.
Speaking at the Ghana–Singapore Business Dialogue, President Mahama revealed that he has directed the Attorney General and the Finance Minister to lay the two bills before Parliament.
He explained that the reforms are designed to position Ghana as a regional investment hub and to leverage its status as home of the African Continental Free Trade Area (AfCFTA) Secretariat.
“We have amended our public procurement law and streamlined approvals under the GIPC Act to provide fast and transparent pathways for investment. Under my leadership, Ghana will be a trusted, open, and reliable investment partner. To give effect to this vision, I have directed the Attorney General and Minister of Finance to lay before Parliament two landmark bills, the revised GIPC bill and the legal framework establishing the 24-hour economy authority,” he said.
President Mahama noted that the revised act will include most favoured nation status, fair and equitable treatment, and investment facilitation to ensure Ghana remains one of the most business-friendly destinations on the continent. He also highlighted earlier reforms, including the planned abolition of the minimum capital requirement for foreign investors under the GIPC Act.
Meanwhile, the Association of Ghana Industries (AGI) has announced plans to engage the government over the review of the GIPC Act to ensure local businesses are not sidelined.
Commenting on the development, economist Professor Godfred Bokpin urged policymakers to balance attracting foreign direct investment with protecting domestic enterprises.
