{
  "id": 16152132,
  "title": "Government pushes local firms into foreign markets as competition intensifies – GIPA CEO",
  "url": "https://urgent.news/2026/10/23/government-pushes-local-firms-into-foreign-markets-as-competition",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-23T03:56:00.000Z",
  "source": {
    "name": "Joy Business",
    "slug": "joy-business",
    "url": "https://www.myjoyonline.com/government-pushes-local-firms-into-foreign-markets-as-competition-intensifies-gipa-ceo/"
  },
  "original_language": "en",
  "account": "The Government of Ghana is actively encouraging local businesses to venture into foreign markets, particularly within the African Continental Free Trade Area, as domestic competition grows more intense, according to Simon Madjie, CEO of the Ghana Investment Promotion Authority (GIPA). In an interview on JoyNews’ PM Express Business Edition, Madjie explained that expanding outward investment is now part of GIPA's mandate under a new law. The primary goal is to help thriving local firms invest abroad, grow their operations, and bring profits back to Ghana. Madjie warned that Ghanaian businesses risk being overshadowed by competition if they don't explore markets beyond the domestic market. He emphasized that GIPA's role has broadened beyond just attracting investment into Ghana; it now includes supporting investment within the country and overseas expansion for Ghanaian businesses. Madjie highlighted that government support for local enterprises is not a recent development, citing various interventions like local content regulations, Ghana Exim, and capital-providing agencies. However, he cautioned against measuring business growth solely by access to government contracts, questioning whether such reliance could sustain firms once those contracts end. Instead, he stressed the importance of understanding and developing value chains, providing Kasapreko as an example of a Ghanaian business that succeeded through this approach. Additionally, Madjie mentioned that GIPA is working to expose local investors to opportunities within Ghana by mapping investment prospects across districts and regions and organizing regional investment roadshows to connect businesses with these opportunities. Madjie stressed that strengthening domestic investors remains crucial to the government's economic ambitions, stating that no government can succeed by diminishing the influence of its local businesses or domestic investors.",
  "summary": "The government is seeking to help Ghanaian businesses expand into foreign markets as competition within the African Continental Free Trade Area intensifies.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}