President John Dramani Mahama has signed into law the new Ghana Investment Promotion Authority (GIPA) Act, replacing the former Ghana Investment Promotion Centre (GIPC) Act in a landmark move aimed at transforming Ghana into West Africa’s leading investment destination.
The new legislation introduces a modern investment framework designed to attract greater domestic and foreign investment, improve the ease of doing business and accelerate private sector-led economic growth.
Announcing the development, government described the Act as a major milestone in its agenda to build a competitive, resilient and investor-friendly economy.
“This legislation marks the beginning of a new era for investment in Ghana. It streamlines investment processes, reduces unnecessary bureaucracy and creates a more efficient environment for businesses to establish and expand their operations,” government stated.
The Act strengthens the legal framework governing investments by providing enhanced protection for both local and foreign investors, thereby boosting confidence in Ghana’s business environment.
Government noted that the new law also expands the mandate of the Ghana Investment Promotion Authority, empowering it to promote, facilitate, coordinate and monitor investments more effectively across strategic sectors of the economy.
“The Ghana Investment Promotion Authority will play a stronger role in attracting quality investments while ensuring that Ghanaian enterprises are empowered to participate meaningfully in the country’s growing investment ecosystem,” the statement added.
Beyond attracting foreign direct investment, the legislation places significant emphasis on supporting indigenous businesses by creating opportunities for local enterprises to grow, compete and integrate into global value chains.
Officials believe the reforms contained in the Act will enhance Ghana’s competitiveness, encourage innovation, stimulate industrialisation and create sustainable employment opportunities for thousands of Ghanaians.
“Our objective is not only to attract investment but also to ensure that investment translates into jobs, technology transfer, increased productivity and shared prosperity for all Ghanaians,” government emphasized.
The signing of the GIPA Act forms part of the Mahama administration’s broader economic transformation agenda focused on improving the business climate, strengthening investor confidence and positioning Ghana as the preferred destination for investment in West Africa.
With the new law now in force, government expects faster investment approvals, stronger institutional support for investors and increased collaboration between the public and private sectors to drive long-term economic growth.
The enactment of the GIPA Act is expected to reinforce Ghana’s reputation as a stable, competitive and attractive investment destination while creating new opportunities for businesses, entrepreneurs and investors seeking to expand across the African continent.
Story: Patrick Asford Boadu
