The Ghana Investment Promotion Centre (GIPC) is awaiting presidential assent on the Ghana Investment Promotion Authority Bill, a proposed law expected to strengthen the country’s investment promotion regime, improve investor facilitation and position the economy as a more competitive investment destination.
Speaking at a board and management retreat at Peduase Valley Resort in the Eastern Region, Board Chairman Akwasi Opong-Fosu described passage of the bill by parliament as “an important milestone” in the centre’s reform agenda – saying the legislation will provide “a stronger framework for investment promotion, facilitation and regulation”.
According to him, the proposed law will transform GIPC into “a more modern, responsive and effective institution” capable of supporting investors from inquiry through to expansion and reinvestment, while aligning investment promotion more closely with the country’s broader economic transformation agenda.
Opong-Fosu expressed confidence that the legislation will strengthen the full investment cycle by improving facilitation services, deepening research and investment intelligence, strengthening investor grievance resolution systems and enhancing regional investment promotion opportunities across the country.
“When assented to, the new law will provide a stronger framework for investment promotion, facilitation and regulation. It will also support the centre’s transformation into a more modern, responsive and effective institution, better positioned to serve investors and support development priorities,” he stated.
He however stressed that legislation alone will not guarantee institutional transformation, noting implementation requires “readiness, discipline, internal alignment and a clear commitment to execution”.
The Board Chairman further disclosed that management and the board have already begun discussions on the institutional, operational and communication measures required once the law comes into force.
He added that GIPC is also undertaking a “centre-wide reset” aimed at strengthening institutional culture, financial sustainability, collaboration and results-driven investment promotion.
Chief Executive Officer of GIPC, Simon Madjie, said GIPC’s broader investment strategy is focused not only on attracting foreign capital but also ensuring stronger participation of indigenous businesses across industrial value chains.
“Effective participation must go beyond ownership alone,” he said, explaining that local content policies should create opportunities for Ghanaian businesses to build technical capacity, participate in production systems and eventually compete internationally.
Madjie cautioned against reducing local participation policies solely to equity ownership requirements, arguing that sustainable economic transformation will depend on Ghanaian firms integrating meaningfully into supply chains, distribution networks and industrial production.
“The objective of government is getting Ghanaians to participate in these industries so they can build capacity and eventually become the ones driving them from within,” he said.
He pointed to the beverage industry as an example of how Ghanaian companies had grown into strong local brands by participating strategically across the value chain, rather than relying on mandatory ownership provisions.
“That is the focus – to build businesses which are strong, resilient and firmly established. Once they grow, they can expand into other African countries, compete effectively and eventually move onto the global stage,” Madjie added.
GIPC also reaffirmed the economy’s strategic advantages for investors – including access to regional markets under the African Continental Free Trade Area (AfCFTA), a growing private sector and opportunities across key sectors of the economy.
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