The Chief Executive Officer of the Ghana Investment Promotion Centre (GIPC), Simon Madjie, has stated that Ghana is well-positioned to attract more foreign and domestic investments due to ongoing economic reforms and improving economic indicators.
Speaking during an engagement with the media after a meeting with the GIPC Board, Mr. Madjie said government remains committed to resetting Ghana’s investment environment to make the country one of the most favourable places to do business in the sub-region and across Africa.
According to him, the country’s improving macroeconomic and microeconomic indicators are boosting investor confidence and creating opportunities for business expansion.
“So Ghana is now the eighth largest economy in Africa, over US$114 billion as our GDP, and with the macro and microeconomic indicators that are stable, our anticipation is that we are going to have a lot more investors,” he stated.
Mr. Madjie noted that the “Ghana is open for business” agenda announced by President John Dramani Mahama is being actively pursued by the Centre through local and international investment promotion activities.
“This is to encourage all investors who left to return into our country, and for those who have kept faith with us to see the potential that we have,” he said.
The GIPC CEO disclosed that the Centre has implemented several reforms to improve the ease of doing business in Ghana, including a 24-hour premium business registration service.
“One such reform is to cut down the number of days it takes to register new businesses, and many of you may have heard of the 24-hour premium service at GIPC, where within 24 hours you have your registration,” he explained.
He also revealed that the proposed Ghana Investment Promotion Authority Bill seeks to eliminate the minimum capital requirement for investors, a challenge he said has affected many businesses seeking to invest in the country.
Mr. Madjie added that GIPC is currently undertaking investment opportunity mapping across all 261 districts in Ghana to identify and promote investment opportunities in various sectors.
According to him, regional investment roadshows are also being organised across the 16 regions to encourage investors to explore opportunities beyond the traditional business centres such as Accra, Kumasi, Takoradi and Tamale.
“We are re-energized for the duty of resetting our investment environment,” he said.
“And we are also re-energized with my colleagues on management to ensure that Ghana is indeed open for business and remains the most valuable place to set up your business in West Africa and on the African continent,” he added.
