Parliamentary committee commends GIPA’s investment drive, backs key reforms

Overview of GIPA’s Mandate and Evolution During his presentation, Mr Madjie traced the evolution of Ghana’s investment promotion architecture, from the Capital Investment Board established in the early 1960s, through the Ghana Investment Code under PNDC Law 116, to the Ghana Investment Promotion Centre (GIPC) Act of 1994 (Act 865), and subsequently Act 1173 of 2023, which established the GIPA.

According to Mr Madjie, the reforms also align Ghana’s investment framework with the AfCFTA Protocol on Investment, enhancing the country’s competitiveness relative to jurisdictions that maintain blanket minimum capital requirements.

Additionally, he said Ghana has built enough safeguards to protect local businesses from the removal of the blanket minimum capital requirement for foreign investors, including strong local content regulations, sector-specific financial requirements, and specific economic activities reserved for Ghanaians, among others.