Parliament Backs GIPA Reforms to Boost Investment
The Parliamentary Select Committee on Trade, Industry and Tourism has thrown its weight behind reforms being implemented by the Ghana Investment Promotion Authority (GIPA) to improve Ghana’s investment climate and attract more quality investments into the country. The Committee also pledged to support efforts to adequately resource GIPA to enable it to discharge its expanded […] The post…
The Parliamentary Select Committee on Trade, Industry and Tourism has expressed support for reforms implemented by the Ghana Investment Promotion Authority (GIPA) aimed at enhancing Ghana's investment climate and attracting more quality investments. During a press conference, GIPA's CEO Simon Madjie outlined key reforms under the Ghana Investment Promotion Authority Act, 2023 (Act 1173), including the removal of blanket minimum capital requirements for foreign investors, except in specific sectors.
Madjie emphasized that the new framework would assess capital adequacy based on sector-specific regulations and local-content requirements, protecting local businesses and promoting Ghanaian participation. The GIPA CEO highlighted that since 1994, the Authority had registered over 7,160 investment projects with foreign direct investments exceeding US$62 billion.
GIPA is also expanding its regional investment promotion efforts through roadshows, investment-opportunity mapping, and documentaries showcasing Ghana's investment opportunities. The Committee pledged to support GIPA in overcoming challenges and implementing the reforms, commending the Authority's efforts in promoting Ghanaian investment opportunities locally and internationally.
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