Gov’t to Overhaul Investment Law, Create 24-Hour Economy Authority in New Bills to Parliament
The John Mahama-led Government is preparing to overhaul its investment legislation and establish a new 24-Hour Economy Authority, as the President seeks to attract foreign capital and position the country as a regional hub for business.
Speaking at the Ghana–Singapore Business Dialogue in Accra, President Mahama said he had directed the Attorney General and Finance Minister to present the revised Ghana Investment Promotion Centre (GIPC) Bill and a legal framework for the new authority to Parliament in the coming weeks.
The reforms, he argued, would streamline approval processes and provide investors with greater legal certainty. “Under my leadership, Ghana will be a trusted, open and reliable investment partner,” he told delegates, highlighting provisions such as most-favoured-nation treatment, fair and equitable treatment, and investment facilitation. Singaporean investors, he added, would qualify for such preferential status.
The announcement follows President Mahama’s pitch to Japanese companies in Tokyo earlier this year, where he pledged to abolish the minimum capital requirement for foreign investors under the revised GIPC law.
The measure is expected to lower barriers to entry for international firms, though it has prompted unease among some domestic businesses.
Meanwhile, the Association of Ghana Industries (AGI) has said it plans to engage the government during the legislative process. Some economists have, however, urged caution, saying that policymakers must strike a balance between attracting foreign direct investment and safeguarding the interests of local businesses.
