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,” 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.