Ghana is at an important moment in its economic journey, on a reset borne out of a vibrant and visionary leadership, and a renewed hope. The country is once again open to become the premier destination for both local and foreign investors in Africa.
With a focus on comprehensive economic recovery, infrastructure development, and regulatory reforms, the Government of Ghana is firmly committed to creating a friendly business environment that fosters growth, innovation, and sustainable development.
Investors in the recent past struggled with a number of challenges stemming from worsening economic conditions that saw some of them fold up and leave the country. Persistent currency
depreciation, rising inflation, and high import costs significantly increased the cost of doing business. Frequent power outages and high utility bills further strained operations, making the business environment less attractive. Some, overwhelmed by these challenges, moved their investments out of Ghana, resulting in job losses and a slowdown in the country’s economic growth.
Recent studies also reveal that investors and the business community continue to grapple with several challenges: poorly coordinated regulations, overlapping mandates among state agencies, inefficient public services, macroeconomic instability, high tax rates, costly credit, infrastructure deficiencies and corruption which negatively impact the investment climate.
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By Simon Madjie, Acting CEO, Ghana Investment Promotion Centre (GIPC)