February 16, 2025
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Business and Networking Ghana Trade

Ghana’s bold investment strategy

The Ghana Investment Promotion Centre (GIPC) is spearheading a remarkable economic transformation, positioning the country as one of Africa’s most attractive destinations for foreign direct investment (FDI). With a focus on diversifying the economy, modernizing infrastructure, and promoting sustainable growth, the GIPC has played a pivotal role in driving the country’s recent surge in FDI, which hit $4.3 billion in 2024.

Under the leadership of the GIPC, Ghana has adopted innovative policies aimed at attracting investment in high-growth sectors such as manufacturing, renewable energy, and technology. This approach has already begun to yield impressive results, positioning Ghana as a dynamic hub for economic activity in West Africa.

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Ghana’s journey has not been without challenges. The country faced infrastructure gaps and regulatory hurdles that previously hindered business operations. However, the GIPC’s efforts to streamline regulations and modernize the business environment have begun to pay off. Ghana now ranks 105th in the World Bank’s Doing Business index, a significant improvement, with the goal of entering the top 100 by 2026.

One of the key drivers of this success has been the expansion of Tema Port, funded largely by foreign investment. This expansion has increased the port’s capacity, positioning Ghana as the largest logistics hub in West Africa, boosting trade and creating new opportunities for investors.

The GIPC has laid out a clear vision for the future, with ambitious goals to drive sustainable and inclusive economic growth. By 2025, the Centre aims to increase FDI inflows to $5 billion, while generating over 50,000 jobs across key sectors. This is part of a broader effort to diversify Ghana’s economy and reduce reliance on commodities like gold and cocoa.

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The promotion of special economic zones, such as the Tema Free Zone, has been instrumental in attracting over $1.8 billion in new investments in 2023 alone. These zones are providing a platform for investors to establish manufacturing and processing facilities, particularly in the agribusiness sector, which is seeing rapid growth as Ghana expands its agricultural value chain.

Renewable energy is another key focus area for the GIPC. The Centre is prioritizing investments in solar and wind projects as part of Ghana’s commitment to the United Nations’ Sustainable Development Goals (SDGs). By 2024, renewable energy accounted for 20% of the country’s energy mix, attracting $500 million in new investments.

Ghana’s ambitions do not stop there. The country is positioning itself as a technology hub for West Africa, with major players such as Google establishing a presence in the capital, Accra. In 2023, Google opened its first AI research lab in Africa in Ghana, signaling the country’s growing reputation as a leader in innovation and technology on the continent.

GIPC’s strategy is bolstered by a robust package of incentives for investors. Companies operating in priority sectors, such as agro-processing, manufacturing, and technology, benefit from tax exemptions of up to 10 years, as well as the unrestricted repatriation of profits. Ghana’s double taxation agreements with countries including China, Germany, the UK, and India further enhance its appeal as a competitive destination for multinational companies.

These incentives have been crucial in building investor confidence, enabling Ghana to attract diverse global partners and significantly boost its FDI inflows.

The impact of GIPC’s efforts is already being felt across the country. Between 2020 and 2023, FDI contributed to the creation of 27,000 direct jobs, with a target to surpass 50,000 by 2025. The Centre’s inclusive policies have also ensured that economic growth benefits all Ghanaians, contributing to poverty reduction and improving the overall quality of life.

Additionally, GIPC’s focus on sustainable development is aligning foreign investments with social and environmental goals, ensuring that Ghana’s economic rise is both responsible and resilient.

As Ghana continues on its upward trajectory, the GIPC remains committed to fostering an environment that supports both domestic and international investors. With its sights set on increasing FDI to $5 billion by 2025, the Centre is focused on building on recent successes in manufacturing, energy, and technology, while creating new opportunities in emerging sectors.

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Ghana’s progress under the leadership of the GIPC is not just a story of economic growth—it is a testament to the country’s resilience, innovation, and strategic vision. As the world looks to Africa as the next frontier of global development, Ghana, with the GIPC at the helm, is poised to lead the way.

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