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Government to Table Revised GIPC Bill, 24-Hour Economy Authority Framework in Parliament
The government will soon lay before Parliament a revised Ghana Investment Promotion Centre (GIPC) Bill alongside a legal framework for establishing a 24-Hour Economy Authority, as part of sweeping reforms aimed at attracting foreign investment and stimulating round-the-clock economic activity.
President John Dramani Mahama announced the move during the Ghana–Singapore Business Dialogue on his state visit, stressing that he had directed the Attorney General and the Minister of Finance to fast-track the bills for parliamentary approval.
“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 assured.
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“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, introduces most-favoured-nation (MFN) status to ensure fair and equitable treatment of investors. He noted that this would guarantee transparency and consistency in Ghana’s investment climate.
“In the revised act, we have included the most favoured nation status, and I am sure Singapore will qualify,” Mahama told the gathering of business leaders. “Most favoured nation treatment, fair and equitable treatment and investment facilitation will make Ghana one of the most business-friendly destinations on the continent.”
The proposed 24-Hour Economy Authority is expected to serve as a regulatory and coordinating body to drive Ghana’s shift toward a continuous work cycle, boosting productivity and job creation in key sectors such as manufacturing, logistics, and services.
President Mahama recently signalled similar reforms at the Presidential Investment Forum in Japan, where he announced plans to abolish the minimum capital requirement for foreign investors under the GIPC Act. He reiterated that Ghana remains open for business, positioning the country as a regional hub and the seat of the African Continental Free Trade Area (AfCFTA) Secretariat.
The new reforms are also being marketed to Singaporean companies as part of Ghana’s strategy to deepen Asia-Africa business linkages.
Stakeholders React
The Association of Ghana Industries (AGI) has welcomed the review but says it will engage the government to ensure the interests of local businesses are not undermined by investor-friendly policies.
Economist Professor Godfred Bokpin cautioned that while the reforms could improve Ghana’s attractiveness to foreign investors, policymakers must carefully balance foreign direct investment (FDI) with protections for domestic industries.
“We cannot pursue FDI at the expense of our local firms. A balanced framework will ensure Ghanaian businesses benefit from the reforms while foreign capital drives growth,” Bokpin said.
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