Accra: 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 the passage of the bill by parliament as 'an important milestone' in the centre's reform agenda.
According to Ghana Web, the legislation will provide 'a stronger framework for investment promotion, facilitation, and regulation'. Opong-Fosu expressed confidence that 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 highlighted 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. He stated that when assented to, the new law will provide a stronger framework for investment promotion, facilitation, and regulation, and support the centre's transformation into a more modern, responsive, and effective institution.
He emphasized that legislation alone will not guarantee institutional transformation, noting that implementation requires 'readiness, discipline, internal alignment and a clear commitment to execution'. The Board Chairman disclosed that management and the board have already begun discussions on the institutional, operational, and communication measures required once the law comes into force. 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, stated that GIPC's broader investment strategy is focused not only on attracting foreign capital but also on ensuring stronger participation of indigenous businesses across industrial value chains. Madjie explained 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. He illustrated this by pointing to the beverage industry, where Ghanaian companies have grown into strong local brands by participating strategically across the value chain.
GIPC 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.