Ghana Eases Investment Rules to Attract Foreign Capital

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Ghana is seeking to strengthen its position as a competitive investment destination following significant reforms to its investment regulatory framework, with the government removing key financial barriers to foreign participation and expanding opportunities for international businesses.

The changes, introduced under the Ghana Investment Promotion Authority (GIPA) Act, 2026 (Act 1173), are intended to make it easier for foreign investors to establish businesses, attract capital, transfer expertise and participate in the country’s economic development.

The new framework was highlighted by the Deputy Chief Executive Officer of GIPA, Mr Abdul-Razak Baba, during a panel discussion at the Top Charity Change Makers Africa event in Accra, where he outlined the implications of the revised investment regulations for foreign businesses considering Ghana as an investment destination.

“Under the new investment law, foreign investors can own 100 per cent equity in eligible businesses without the previous minimum capital requirement, creating greater opportunities for international investors to establish businesses in Ghana.”

A major feature of the new investment framework is the removal of the general minimum foreign capital requirements that previously governed joint ventures and wholly foreign-owned enterprises.

Under the repealed Ghana Investment Promotion Centre Act, 2013 (Act 865), foreign investors were required to provide a minimum of US$200,000 for joint ventures with Ghanaian partners, US$500,000 for wholly foreign-owned businesses and US$1 million for foreign-owned trading enterprises.

The enactment of Act 1173 removes the general minimum capital requirements for eligible foreign-owned businesses and joint ventures, broadening access to Ghana’s investment market.

However, the reform does not eliminate all financial obligations. Foreign-owned trading enterprises remain subject to a minimum capital requirement of US$500,000, alongside a requirement that at least 75 per cent of their skilled workforce comprises Ghanaians.

The reforms therefore seek to balance the attraction of foreign capital with the country’s broader objective of ensuring that investment generates economic benefits beyond the businesses receiving the capital.

Another important change highlighted by Mr Baba concerns the number of expatriate employees eligible foreign investors can bring into Ghana.

He explained that the revised investment framework increases the expatriate employment quota from a maximum of four under the previous arrangement to as many as twelve, depending on the applicable investment category and qualifying conditions.

For companies introducing advanced manufacturing systems, specialised technologies and international management practices, access to experienced personnel can be important in setting up operations, maintaining production standards and transferring technical knowledge.

Ghana’s investment policy must continue to encourage foreign businesses to develop local expertise through professional training, skills transfer and employment opportunities for qualified Ghanaians.

According to Ghana’s 2025 Annual Investment Report, the country attracted approximately US$2.62 billion in foreign direct investment in 2025, with 254 registered investment projects expected to generate 18,748 jobs when fully operational. Ghanaians are projected to occupy approximately 90.3 per cent of these positions.

The figures demonstrate the potential contribution of foreign investment to employment creation and reinforce the importance of linking investment facilitation to domestic workforce development.

By widening access to expatriate expertise while retaining local employment expectations, the revised framework seeks to improve the operating environment without losing sight of national development priorities.

Beyond regulatory reforms, the government is also looking at infrastructure development as a critical component of its strategy to improve Ghana’s investment environment.

The Deputy Minister of Trade, Industry and Agribusiness, Mr Sampson Ahi, who also participated in the panel discussion, outlined plans to develop economic zones supported by essential infrastructure, including roads, water and electricity.

He explained that the initiative was intended to address persistent challenges associated with land acquisition and the availability of basic infrastructure, which can delay investment projects and increase the cost of establishing businesses.

The proposed economic zones are expected to provide investors with more structured locations for setting up industrial and commercial operations, reducing the need for individual businesses to independently secure land and arrange essential infrastructure before commencing operations.

Reliable electricity, accessible roads and adequate water supply are particularly important for manufacturing and agro-processing businesses, where production efficiency depends on uninterrupted utilities and efficient transportation networks.

The World Bank’s private participation in infrastructure data for Ghana records approximately US$10.15 billion in investment across 33 infrastructure projects between 1990 and 2024, covering electricity, information and communications technology, ports, natural gas, water and sanitation, among other areas.

The data highlights the importance of infrastructure investment in supporting productive economic activities and improving the conditions under which private businesses operate.

As part of its investment promotion activities, Mr Baba also invited international investors to explore opportunities across Ghana’s productive sectors and announced the maiden Invest Ghana Summit, scheduled for November 16–17, 2026, at the Kempinski Hotel Gold Coast City in Accra.

The summit is expected to provide a platform for government officials, international investors, development finance institutions, private-sector representatives and other stakeholders to examine investment opportunities and establish commercial partnerships.

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