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August 15, 2026
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Parliamentary committee commends GIPA’s investment drive, backs key reforms
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Policy
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Growth
Key Points
- The Parliamentary Select Committee on Trade, Industry and Tourism visited the Ghana Investment Promotion Authority (GIPA) to understand its operations, legal reforms, and strategic direction.
- GIPA CEO Simon Madjie briefed the committee on the Authority's new mandate under Act 1173 of 2023, which repositions it with promotional and regulatory functions, including promoting investment into, within, and from Ghana.
- Key reforms under Act 1173 include the removal of blanket minimum capital requirements for foreign investors (except in trading), replaced by sector-specific assessments, and alignment with the AfCFTA Protocol on Investment.
- GIPA highlighted its investment performance (over US$62 billion FDI since 1994), increased focus on regional investment promotion, and requested support for citizenship-by-investment provisions, technology transfer regulations, and enforcement of reserved sectors for Ghanaians.
- The Parliamentary Committee acknowledged GIPA's crucial role and pledged support for adequately resourcing the Authority and facilitating initiatives to improve Ghana's investment climate and competitiveness.
Why This Matters
This article is crucial for Ghana as it details significant reforms to the country's investment framework under Act 1173, aiming to attract more foreign direct investment and support local businesses. The changes, particularly the removal of blanket minimum capital requirements and the focus on sector-specific assessments, are designed to enhance Ghana's competitiveness and streamline the investor experience. Effective implementation of these reforms and GIPA's requests for support will directly impact Ghana's economic growth, job creation, and integration into regional trade blocs like AfCFTA.
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