President Mahama Directs Parliament to Consider Two Landmark Economic Bills
President John Dramani Mahama has announced the introduction of two significant pieces of legislation aimed at transforming Ghana’s economic landscape, including a revised Ghana Investment Promotion Center (GIPC) bill and the establishment of a 24-hour economy authority.
Speaking at Ghana – Singapore Business Dialogue , President Mahama outlined his administration’s commitment to creating a more attractive investment environment for both domestic and international partners.
“To give effect to this vision, I’ve directed the Attorney General and the Minister of Finance to lay before Parliament two landmark bills, the revised GIPC bill and the legal framework establishing the 24 hour economy authority,” President Mahama declared.
The President emphasized that these legislative measures are part of a broader reform agenda designed to position Ghana as a regional investment hub. “Under my leadership, Ghana will be a trusted, open and reliable investment partner,” he stated.
The revised GIPC bill is expected to streamline investment processes and provide clearer pathways for investors. President Mahama noted that his administration has already “amended our public procurement law and streamlined approvals under the Ghana Investment Promotion Center act to provide fast and transparent pathways for investment”
The 24-hour economy authority represents a novel approach to economic development, potentially allowing for round-the-clock business operations and services that could significantly boost productivity and competitiveness.
President Mahama highlighted Ghana’s strategic position in the West African market, stating that investors “can efficiently and competitively reach an ECOWAS market of over 400 million people in a shorter time frame.”
The President outlined his administration’s comprehensive approach to economic reform: “We’re pursuing a reform path with predictability. We’re strengthening macro stability and fiscal discipline while modernizing our revenue systems and applying clear rules based frameworks for public private partnerships and private capital.”
The President presented numerous sectors ready for investment, emphasizing that “Ghana offers market access a stable and reform oriented environment and a pipeline of bankable projects in manufacturing, agribusiness and infrastructure ready for investment.”
These legislative initiatives are expected to be debated in Parliament in the coming weeks, with the government expressing confidence in their passage and implementation as part of Ghana’s broader economic transformation agenda.
The bills represent a significant step in President Mahama’s vision to modernize Ghana’s economy and attract substantial foreign investment to drive growth and development across multiple sectors.
