Government will soon present to Parliament two pieces of legislation: the revised Ghana Investment Promotion Centre (GIPC) Bill and a framework establishing a 24-Hour Economy Authority as part of a broader strategy to boost investment and expand round-the-clock economic activity.
President John Dramani Mahama announced the move at the Ghana–Singapore Business Dialogue, positioning the reforms as critical to making Ghana “a trusted, open and reliable investment partner.” He said he has directed the Attorney General and the Finance Minister to table the bills in Parliament.
“We have amended our public procurement law and streamlined approvals under the Ghana Investment Promotion Centre Act to provide fast and transparent pathways for investment. Under my leadership, Ghana will be a trusted, open and reliable investment partner,” Mahama said.
He added: “To give effect to this vision, I have directed the Attorney General and Minister of Finance to lay before Parliament two landmark bills which are the revised GIPC bill and the legal framework establishing the 24-hour economy authority.”
The revised GIPC Bill, according to the President, incorporates “most favoured nation treatment, fair and equitable treatment and investment facilitation” to enhance investor confidence. “I am sure Singapore will qualify,” he told business leaders.
Mahama also reiterated that Ghana is scrapping the minimum capital requirement for foreign investors under the GIPC Act. This was first disclosed at the recent Presidential Investment Forum in Japan in a bid to attract more global capital.
The 24-Hour Economy Authority, he said, will serve as the anchor for his flagship productivity and jobs plan, enabling industries, services, and logistics hubs to operate continuously.
Industry stakeholders, however, are weighing the potential impact of the reforms. The Association of Ghana Industries (AGI) has indicated it will engage the government on the review of the GIPC Act to safeguard local enterprise.
For economist Professor Godfred Bokpin, the challenge will be in balancing investor-friendly reforms with protecting Ghanaian businesses. “Policymakers must strike a balance between attracting foreign direct investment and safeguarding the interests of local businesses,” he cautioned.
The legislative push comes as Ghana intensifies its pitch to global investors, leveraging its position as host of the African Continental Free Trade Area Secretariat.
