Ghana is Open for Business: A New Dawn for Investment and Economic Prosperity

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By Simon Madjie, Acting CEO, Ghana Investment Promotion Centre (GIPC)

Ghana is at an important moment in its economic journey, on a reset borne out of a vibrant and visionary leadership, and a renewed hope. The country is once again open to become the premier destination for both local and foreign investors in Africa. With a focus on comprehensive economic recovery, infrastructure development, and regulatory reforms, the Government of Ghana is firmly committed to creating a friendly business environment that fosters growth, innovation, and sustainable development.

Investors in the recent past struggled with a number of challenges stemming from worsening economic conditions that saw some of them fold up and leave the country. Persistent currency depreciation, rising inflation, and high import costs significantly increased the cost of doing business. Frequent power outages and high utility bills further strained operations, making the business environment less attractive. Some, overwhelmed by these challenges, moved their investments out of Ghana, resulting in job losses and a slowdown in the country's economic growth.1

Recent studies also reveal that investors and the business community continue to grapple with several challenges: poorly coordinated regulations, overlapping mandates among state agencies, inefficient public services, macroeconomic instability, high tax rates, costly credit, infrastructure deficiencies and corruption which negatively impact the investment climate.2

The recent State of the Nation Address by President John Dramani Mahama and the President’s opening remarks at the National Economic Dialogue, delivered a clear and compelling message of hope to both domestic and foreign investors: Ghana is Open for Business. With a strategic vision to reset the economy, the government is laying the groundwork for sustainable economic growth, underpinned by fiscal discipline, investment-friendly policies, and a renewed commitment to infrastructure development.

Renewed Leadership You can Trust

H.E. President John Dramani Mahama has demonstrated a commitment to accepting responsibility and leading efforts to find lasting solutions to the challenges confronting the country. He has pledged to confront the issues and reset the economy on a trajectory of growth and prosperity. In his first few months in office, the President has shown a strong commitment to rebuilding the economy by cutting down the size of government, managing public spending more efficiently, and promoting transparency in debt management.

I remain committed to leading this government, taking every necessary step to reset our economy, getting things back on track, and working with the good people of our country to build the Ghana we want.” H.E. John Dramani Mahama, President of the Republic of Ghana. (SONA)

One of the defining features of H.E. John Dramani Mahama’s leadership is his emphasis on consultative and consensus-driven governance. The decision to convene the National Economic Dialogue to engage stakeholders in shaping the country’s economic policies highlights a leadership that values collaboration. This approach signals to investors that economic decisions will be informed by broad-based stakeholder input. The renewed fight against corruption demonstrated in efforts to investigate and recover misapplied public funds, along with reforms in public procurement and state asset disposal, demonstrates a zero-tolerance approach to corruption. This commitment to ethical governance indicates that Ghana's business environment will be governed by fairness, integrity, and the rule of law.

Resetting the Fundamentals of the Economy 

H.E. President John Dramani Mahama’s administration is showing leadership in tackling the economic crisis by running a lean government, cutting wasteful spending, and reducing the budget deficit. Ghana is addressing its unsustainable debt burden through prudent restructuring and  repayment  measures  to  restore

investor confidence. Key steps include a Memorandum of Understanding (MoU) with the Official Creditor Committee (OCC) to restructure external debt, rebuilding Sinking Funds, lowering treasury bill rates, and enhancing debt repayment transparency. Also, the Bank of Ghana plans to introduce a new foreign exchange law to strengthen the banking sector.

Ghana’s financial sector reforms, including Strategic Policies to Attract and Sustain Investments Across Key Sectors the implementation of the Debt Exchange Programme and the Informal Sector Pension Inclusion Initiative, are designed to promote financial stability and increase participation in savings schemes. The establishment of the Women’s Development Bank will provide low-interest loans and tailored financial services to support women-led businesses. The Adwumawura Programme will create, track, and mentor businesses annually, with a special focus on youth entrepreneurship. The government also plans to streamline taxes, widen the tax net, and reform tax waivers to boost revenue, promote business growth, and support economic recovery.

Strategic Policies to Attract and Sustain Investments Across Key Sectors

The 24-hour economy strategy proposed by H.E John Dramani Mahama is a deliberate policy intervention aimed at encouraging businesses and companies in Ghana to operate 24 hours a day, seven days a week. The initiative seeks to create sustainable jobs, boost productivity, and enhance the competitiveness of local businesses. It is anchored on the broader vision of transforming  Ghana into an import substitution and export-led economy, with a focus on modernizing agriculture, promoting agro- processing, and supporting the private sector. The policy targets key industries such as agro- processing, pharmaceuticals, manufacturing, construction, digital startups, financial services, and select public institutions like ports, customs, and the passport office.

With the transparent and prudent measures we have implemented since taking over the administration of this country, I urge my countrymen and women, business owners, and foreign investors to trust our competence in turning our economic fortunes around.” H.E. John Dramani Mahama, President of the Republic of Ghana. (SONA)

The 24-hour economy presents significant benefits for both local and foreign investors. Participating businesses will enjoy tax incentives to lower operational costs, along with access to cheaper  and  more  reliable electricity through a Time of Use (TOU) tariff system, which offers reduced rates during off- peak hours. Also, the government will provide financing support to strategic agro-processing and manufacturing companies to boost production capacity for import substitution and exports. The policy also prioritizes security improvements and infrastructure development in commercial districts to create a safe and conducive environment for round-the-clock business operations. The GIPC Act, 2012 (Act 865) will be amended to introduce strategic incentives designed to attract and support investors seeking to leverage opportunities under the 24-hour economy initiative.

If you do not invest in Ghana, you will be missing a big opportunity.

Conclusion

Ghana is Open for Business—come and be part of the transformation.

Author: Simon Madjie, Acting CEO, Ghana Investment Promotion Centre (GIPC)

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