GIPA Seeks Parliament’s Backing for Investment Reforms

The Parliamentary Select Committee on Trade, Industry and Tourism has commended the Ghana Investment Promotion Authority (GIPA) for its efforts to attract quality investments into the country and pledged its support for reforms aimed at strengthening Ghana’s investment climate.

The Committee said the reforms under the Ghana Investment Promotion Authority Act, 2023 (Act 1173) would help position Ghana as a competitive investment destination while promoting greater local participation in the economy. The commitment was made during a working visit to GIPA’s office in Accra to better understand the Authority’s operations, legal reforms, challenges and strategic direction.

GIPA Chief Executive Officer Simon Madjie briefed the Committee on the Authority’s mandate and reforms introduced under Act 1173. He explained that the law had removed the blanket minimum capital requirements of US$200,000 for joint ventures and US$500,000 for wholly foreign-owned enterprises, except in the trading sector.

According to Mr Madjie, the removal of the blanket requirement does not mean foreign investors can enter Ghana without adequate capital. Instead, capital requirements can now be assessed according to the specific sectors in which investors operate.

The Committee pledged to engage constructively with GIPA to address the challenges raised and strengthen the Authority’s capacity to facilitate investments. Members also commended GIPA for promoting Ghana’s investment opportunities both locally and internationally.

Source: Ghanaian Times

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