The Parliamentary Select Committee on Trade, Industry and Tourism, led by Alexander Hottordze Roosevelt, has backed the Ghana Investment Promotion Authority's (GIPA) efforts to revamp the country's economic landscape. The committee's endorsement comes after a working visit to GIPA's office in Accra, where officials outlined the Authority's operations, legal reforms, and strategic direction for attracting investment.
GIPA's Evolving Mandate
GIPA's Chief Executive Officer, Simon Madjie, briefed the committee on the Authority's mandate and evolution. He traced the history of Ghana's investment promotion architecture from the Capital Investment Board established in the early 1960s to the Ghana Investment Code under PNDC Law 116, and subsequently Act 1173 of 2023, which repositioned the institution as an Authority. The law strengthened GIPA's mandate through three core pillars: promoting investment into Ghana, supporting investment within Ghana, and facilitating Ghanaian investment abroad.
Under Act 1173, GIPA's mandate has been repositioned to provide investors with a seamless one-stop-shop experience. Mr. Madjie highlighted the Authority's efforts to advance the "Ghana is Open for Business" agenda and position the country as a preferred investment destination. He emphasized that the new law removes the blanket minimum capital requirements for joint ventures and wholly foreign-owned enterprises, except in the trading sector.
Investment Performance and Regional Outreach
GIPA has registered over 7,160 investment projects since 1994, with a cumulative foreign direct investment (FDI) value exceeding US$62 billion. The Authority has been growing its focus on regional investment promotion through initiatives such as regional investment roadshows and documentaries showcasing investment opportunities across the regions. GIPA has also expanded and refurbished its regional offices to better support investors closer to project locations.
Mr. Madjie requested the committee's assistance in operationalising the citizenship-by-investment provisions under Act 1173, in collaboration with the Ministry of the Interior. The initiative aims to attract high-net-worth investors through structured residency and eventual citizenship programs. He also sought support to develop and enforce regulations on technology transfer to ensure investment projects deliver meaningful skills and knowledge transfer to Ghanaian partners.
Committee Pledges Support
Hon. Alexander Hottordze Roosevelt acknowledged GIPA's strategic role in advancing Ghana's economic transformation agenda and underscored the importance of adequately resourcing the Authority. He pledged the committee's support in facilitating constructive engagement to ensure GIPA is empowered to effectively discharge its expanded responsibilities under the new investment law. Members of the committee commended GIPA for promoting Ghana's investment opportunities both locally and internationally, as well as for its progress in implementing reforms under Act 1173.
The committee's endorsement of GIPA's efforts is a significant step towards enhancing Ghana's investment climate and competitiveness. As the Authority continues to implement reforms under Act 1173, it is expected to attract more investments and create jobs for Ghanaians. The committee's pledge of support will help GIPA to effectively discharge its responsibilities and provide a seamless experience for investors.
Source: Joy Online
