Reforming Ghana’s Investment Regime: Key Proposals under the new Ghana Investment Promotion Authority Bill

More than a decade after the enactment of the Ghana Investment Promotion Centre Act, 2013 (Act 865), the Ghana Investment Promotion Authority Bill, 2026 has been passed by Ghana’s Parliament. It introduces a shift in how foreign investment is to be attracted, regulated and utilised.

Since 2013, Ghana has enacted new related laws and has ratified the African Continental Free Trade Area Agreement, which introduces additional considerations in relation to regional integration, market access and the treatment of investors.

The reforms introduced by the Bill may be understood, in part, as reflecting the need to more closely align Ghana’s investment arrangements with developments. They move away from an approach that has been largely promotion-led towards a regime that combines facilitation of entry with more oversight and compliance mechanisms. The Bill broadens access for investors while providing for closer alignment of investment activity with national development priorities and international obligations.

Minimum investment requirement

One of the most significant reforms is the removal of minimum capital requirements for foreign investors except in respect of trading companies. Under the current regime, foreign participation is conditioned on prescribed minimum capital thresholds, which vary depending on the nature of the investment. 

The Bill departs from this approach by eliminating these blanket requirements, with the result that, with one exception, foreign investors are no longer required to meet a minimum capital threshold as a condition of entry. The main exception is in respect of trading enterprises, where a minimum capital requirement (reduced from USD1m to USD500,000) is retained, together with a requirement for a specified level of Ghanaian participation in employment. This reform will lower barriers to entry for foreign investors in non-trading sectors.

Flowing from this, the entry requirements for foreign investors are simplified. 

In essence, an investor is simply required to incorporate a company in Ghana and register that enterprise with the Authority prior to commencing operations. Registration must be renewed annually, and is dependent on demonstrating continued compliance with the requirements of the Act. Investors should therefore expect more interfacing with the Authority over the life of the investment.

Citizenship by Investment

The Bill introduces, for the first time, the concept of citizenship by investment. It provides that the Minister responsible for the Interior is to enact further legislation in consultation with the Authority and in accordance with the Constitution.

The Bill itself, therefore, will not operationalise this regime. The grant of citizenship will remain contingent on the introduction of additional legislation by the Minister, with no specified timeline or defined criteria for a grant. 

As such, the provision does not, at this stage, create an immediately available pathway to citizenship.

Statutory obligations for investors

Another significant development is the inclusion of statutory obligations for investors. The Bill requires investors to operate in compliance with applicable laws and standards, while also promoting local employment, skills development and broader national development objectives. It further introduces concepts of inclusiveness, including gender considerations, as part of the investment framework. The Bill frames these obligations at a high level, and empowers the Authority to issue guidelines and to monitor compliance. 

The precise content of these obligations will therefore depend on how the guidelines are developed and applied in practice. Nonetheless, the direction of travel is clear: the regime is moving towards a more policy-driven investment, in which investors are expected to contribute to socio-economic outcomes.

Payment of fees under technology transfer agreements

The Bill proposes the tightening of the regulation of technology transfer agreements, particularly in relation to the payment of fees. It provides that payments of fees and charges under such agreements may only be made where the agreement has been registered with the Authority, and this requirement applies irrespective of whether the payment is made within or outside Ghana. 

In the case of payments to be made outside Ghana, the obligations will be placed on financial institutions who will be required to ensure that evidence of registration - certificate of registration and a certified copy of the agreement - is provided, before processing the payment. 

Significant fines are prescribed for breaches of these provisions.

Unregistered agreements will not be enforceable and fees and charges thereunder shall not be treated as a deductible tax expense under the income tax legislation. This position will codify what has, to date, been the prevailing practice under administrative guidance from the Bank of Ghana, as well as the approach adopted in judicial decisions.

Conversion of Ghana IPC to an Authority

A central institutional change underpinning these reforms is the conversion of the Ghana Investment Promotion Centre into an Authority. This reflects a refocus from a primarily promotion-focused agency to a body with regulatory, facilitative and coordinating functions.

The change is intended to strengthen the institutional role of the Authority, provide for more centralised oversight of investment activities, and position the Authority as a focal point for investment coordination and engagement with investors; consistent with other aspects of the Bill which introduce obligations on investors and provide for enhanced monitoring and enforcement by the Authority. 

In addition, the designation of the Authority as the National Focal Point for investment promotion under the AfCFTA Protocol on Investment reflects an intention to focus on AfCFTA and position the Authority as a key facilitator for intra-African investment.

In sum

Taken together, these reforms reflect a recalibration of Ghana’s investment regime aimed at attracting deeper and more diversified investment. The removal of minimum capital requirements for most sectors liberalises entry, lowering barriers and enabling participation across a wider range of sectors and investment levels. At the same time, the Bill enhances scale-linked incentives, including increased automatic expatriate quotas, which may rise to as many as twelve positions for investments of USD 10 million.

However, this liberalisation will be balanced by a more structured regulatory approach. The Authority is positioned to play a more active role in monitoring investments, including greater involvement in work permit administration, while investor obligations are specified and subject to supervision and enforcement.

The overall effect is a regime that is accessible on entry but closely regulated in operation, with increased oversight and alignment with national policy objectives.

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