Govt to present revised GIPC Bill, 24-hour economy framework to Parliament
By Praisebell Rosemond Larbi
The Government of Ghana will soon present a revised Ghana Investment Promotion Centre (GIPC) Bill, along with a framework for establishing a 24-Hour Economy Authority, to Parliament.
The move forms part of broader reforms aimed at deepening investment inflows and expanding economic activity.
President John Dramani Mahama made the announcement at the Ghana–Singapore Business Dialogue, stating that he has directed the Attorney-General and the Minister of Finance to table the bills before the House.
He explained that the initiative is designed to position Ghana as a competitive regional hub, leveraging its role as host of the African Continental Free Trade Area (AfCFTA) Secretariat to attract more international investors, particularly from Singapore.
“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. To give effect to this vision, I have directed the Attorney-General and Minister of Finance to lay before Parliament two landmark bills, the revised GIPC Bill and the legal framework establishing the 24-Hour Economy Authority,” President Mahama said.
According to the President, the revised GIPC Act will introduce provisions such as “most favoured nation” treatment, fair and equitable investment standards, and stronger facilitation measures.
He emphasised that the reforms aim to make Ghana one of the most business-friendly destinations on the continent.
President Mahama reaffirmed plans to abolish the minimum capital requirement for foreign investors, a measure he first announced at the Presidential Investment Forum in Japan.
He also assured that Ghana remains open for business and encouraged Japanese and Singaporean companies to explore opportunities across multiple sectors.
Meanwhile, the Association of Ghana Industries (AGI) has indicated its intention to engage government during the review of the GIPC Act, to ensure that the concerns of local businesses are addressed.
Economist Professor Godfred Bokpin has also urged policymakers to strike a careful balance between attracting foreign capital and safeguarding domestic enterprises.
He stressed the importance of reforms that benefit both foreign investors and Ghanaian businesses.
