Revitalizing Ghana’s Investment Landscape: A New Era of Economic Growth Under the Mahama Administration
President John Dramani Mahama’s recent appointment of a new Governing Board for the Ghana Investment Promotion Centre (GIPC) signals a renewed commitment to attracting investment and stimulating economic growth. This strategic move, aligning with the GIPC Act and endorsed by the Council of State, underscores the administration’s focus on strengthening Ghana’s investment framework through experienced leadership representing diverse sectors. The 10-member board, chaired by former Minister of State, Mr. Akwasi Oppong-Fosu, comprises a distinguished group of experts from finance, trade, planning, and industry, poised to drive Ghana’s investment agenda forward. This carefully selected team reflects the government’s dedication to fostering a conducive environment for both domestic and international investors.
The composition of the new board highlights the government’s emphasis on leveraging expertise from key economic sectors. Notable members include Dr. Zakaria Mumuni, Deputy Governor of the Bank of Ghana, bringing extensive financial knowledge; Dr. Audrey Smock Amoah, contributing expertise in development planning as Director-General of the National Development Planning Commission; and Hon. Sampson Ahi, Deputy Minister for Trade, Agribusiness and Industry, providing valuable insights into trade and industry dynamics. This blend of experience and knowledge is crucial for navigating the complexities of investment promotion and ensuring alignment with national economic goals.
Further strengthening the board’s capabilities are Thomas Nyarko Ampem, Deputy Minister of Finance, offering expertise in fiscal management; Mr. Simon Madjie Esq., CEO of the GIPC, providing institutional continuity and in-depth knowledge of the Centre’s operations; John Awuah, CEO of the Ghana Association of Banks, representing the financial sector’s perspective; Mercy Afrowa Needjan, President of the Greater Accra Markets Association, bringing grassroots understanding of business and trade; Dr. Reuben Owusu Gyamfi, contributing expertise in a yet-to-be-specified area; and Major Christine Naa Adoley Oko (Rtd), likely offering insights into security and logistical considerations. This diverse representation ensures a comprehensive approach to investment promotion.
The inauguration of the new board marks a significant step towards revitalizing the GIPC’s role in Ghana’s economic transformation. Hon. Elizabeth Ofosu-Adjare, Minister of Trade, Agribusiness and Industry, emphasized the government’s ongoing efforts to refine the legal and regulatory landscape for investments, aiming to attract sustainable and impactful foreign direct investment. The recently reviewed GIPC Act is a testament to this commitment, designed to enhance Ghana’s attractiveness as a premier investment destination. The board’s mandate aligns with these efforts, focusing on promoting strategic investment, driving private sector-led growth, and supporting Ghana’s post-pandemic economic recovery.
Mr. Oppong-Fosu, the newly appointed Board Chair, pledged the board’s full cooperation with the Ministry of Trade, Agribusiness and Industry (MOTAI) in realizing President Mahama’s economic vision. This commitment signifies a collaborative approach between the board and the ministry, working in tandem to achieve shared objectives. Mr. Madjie, CEO of the GIPC, welcomed the new board with optimism, highlighting the significant milestone their appointment represents for the Centre. He expressed confidence in their collective expertise to attract substantial foreign investments, stimulating economic growth and creating job opportunities, further bolstering Ghana’s economic prospects.
The new GIPC Governing Board assumes its responsibilities at a crucial juncture for Ghana’s economy. Tasked with providing strategic leadership, mobilizing investment inflows, and supporting private sector-led growth, the board’s success will be pivotal in achieving the nation’s ambitious post-pandemic economic recovery agenda. Their collective experience and expertise, coupled with the government’s commitment to improving the investment climate, create a fertile ground for attracting both regional and international investors. The board’s mandate extends beyond simply attracting investment; it encompasses fostering sustainable and impactful investments that contribute to long-term economic development and job creation, establishing Ghana as a preferred investment destination in the region and beyond.
