News Guide Africa

Tag: GIPC

  • Gov’t to table revised GIPC Bill, 24-Hour Economy Authority framework in parliament

    Gov’t 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 framework for establishing a 24-Hour Economy Authority, as part of efforts to boost investment inflows and expand economic activity.

    President John Dramani Mahama disclosed this at the Ghana–Singapore Business Dialogue, adding that he has directed the Attorney General and the finance minister to table the bills.

    He positioned the reforms as part of efforts to attract foreign capital, while pitching Ghana as a regional hub and home to the African Continental Free Trade Area (AfCFTA) Secretariat, in a bid to draw Singaporean investors.

    “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. 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.

    “In the revised act, we have included the most favored nation status, and I am sure Singapore will qualify. Most favored nation treatment, fair and equitable treatment and investment facilitation to make Ghana one of the most business-friendly destinations on the continent,” President John Dramani Mahama said.

    President John Dramani Mahama recently announced at the Presidential Investment Forum in Japan that Ghana is set to abolish the minimum capital requirement for foreign investors under a planned review of the Ghana Investment Promotion Centre (GIPC) Act.

    He assured that Ghana remains open for business and urged more Japanese companies to explore opportunities in the country.

    Meanwhile, the Association of Ghana Industries (AGI) says it will hold talks with government as it reviews the Ghana Investment Promotion Centre Act.

    For economist Professor Godfred Bokpin, policymakers must strike a balance between attracting foreign direct investment and safeguarding the interests of local businesses.

     

  • GIPC optimistic of IMF’s role in Ghana’s economic recovery

    Adnan Adams Mohammed

     

    The Ghana Investment Promotion Centre (GIPC) has expressed optimism regarding Ghana’s economic prospects despite the ongoing cost of living crisis and inflationary pressures.

     

    The Center has called on the economic managers to leverage on the benefits of the International Monetary Fund (IMF) program to restore, reform, and recalibrate Ghana’s economic fortunes.

     

     

    Despite recounting the sluggish rebound of the global economy but remained confident that Ghana could overcome its current challenges. GIPC top official acknowledged that, in the immediate post-IMF era of 2017, Ghana achieved an average annual growth rate of about 7%. During that time, the country was widely recognized for its sound financial management and policy innovation, earning commendation from international observers.

     

    “While we currently face hurdles in terms of the cost of living crisis and inflationary pressures on food, fuel, and finance, we must not forget that Ghana has demonstrated its resilience before,” Yaw Amoateng Afriyie, the Deputy CEO of GIPC said while addressing audience comprising economists, policymakers, and industry experts, at a recent Financial Economics Seminar held in Accra.

     

     

    “The foundations of our economic growth and stability remain intact, and it is crucial that we utilize the benefits of the IMF program to navigate through these challenging times,’ he said

     

    Mr. Afriyie further emphasized that Ghana, under the leadership of President Nana Akufo-Addo, had taken significant strides to create an enabling environment for business and investment.

     

    He reiterated the GIPC’s continues to work towards attracting both domestic and foreign investments by streamlining procedures, improving infrastructure, and ensuring policy consistency.

     

    “We firmly believe that there is no better place to do business than here in Ghana,” Afriyie declared.