GIPA Chief to Ghanaian Businesses: Strengthen Corporate Governance or Forget About Attracting Capital

The head of Ghana's investment promotion authority has delivered a blunt message to local businesses: without credible financial records, transparent governance structures, and a willingness to formalise operations, they cannot expect to attract the capital needed to grow.

Simon Madjie, Chief Executive Officer of the Ghana Investment Promotion Authority (GIPA), told the 15th Ghana Economic Forum (GEF) on Tuesday that trust, bankable projects, and de-risking are the three non-negotiable factors for mobilising investment. "You simply can't attract capital when you don't have good financials," he said. "But we have to go back to the basics. How do we run a local business, and how come we are unable to attract capital?"

The Forum and Its Timing

The two-day forum, organised by the Business and Financial Times under the theme "From Stabilisation to Scale: Mobilising Capital, Technology and Policy for Ghana's Next Industrial Wave," convened policymakers, regulators, economists, bankers, and industrialists at the Labadi Beach Hotel in Accra . It opened just three days before Finance Minister Dr Cassiel Ato Forson presents the 2027 Budget, which is expected to detail the government's US$10 billion "New Economy" programme .

Madjie's intervention came during a morning plenary on attracting domestic capital for the next industrial wave, alongside Professor Godfred Alufar Bokpin of the University of Ghana Business School, Ghana Stock Exchange Managing Director Abena Amoah, and Ghana Revenue Authority Commissioner-General Anthony Sarpong .

The Governance Deficit

Madjie's diagnosis points to a persistent structural weakness in Ghana's private sector: the prevalence of informal operational structures that deter both domestic and foreign investors. He urged businesses to move beyond these arrangements and adopt practices that make them investment-ready.

He also encouraged partnerships and collaboration as a means of overcoming capital constraints. "When we work together, we can get the capital that we need," he said. "Your 10, it is my 10; when we put them together, that is close to 50 cedis."

The New Legal Framework

Madjie's call comes against the backdrop of significant legislative reform. President John Dramani Mahama assented to the Ghana Investment Promotion Authority Act, 2026 (Act 1173) on July 15, 2026, transforming the former Ghana Investment Promotion Centre into a full Authority with expanded mandate and enforcement powers . The Act repealed and replaced the 2013 legislation, introducing a statutory Investor Grievance Mechanism, removing blanket minimum capital requirements for most foreign investors, and aligning Ghana's regime with the African Continental Free Trade Area (AfCFTA) Protocol on Investment .

The reform represents the most comprehensive overhaul of Ghana's investment framework in over a decade. But Madjie was clear that regulatory modernisation alone would not deliver results. "Regulatory reforms must be complemented by changes in how businesses operate and collaborate," he said.

The Capital Gap

The forum's focus on domestic capital mobilisation reflects a broader recognition that foreign direct investment alone cannot drive the scale of industrial transformation the government envisions. FDI into Ghana rose from US3 billion in 2026 . But B&FT CEO Dr Godwin Acquaye argued that more must be done to channel capital toward indigenous businesses.

"We must mobilise more local capital, support indigenous businesses and make it easier for Ghanaian entrepreneurs to invest and grow," Acquaye said. He noted that the forum had introduced a deal room to connect government projects with potential investors and link businesses with investors interested in supporting their expansion .

The Broader Economic Context

The forum convened as Ghana's macroeconomic indicators show improvement but household-level pressures persist. Inflation rose to 5.5 percent in October, the third consecutive monthly increase, while the Ghana Reference Rate stood at 10.18 percent in September, down from 19.86 percent a year earlier . The International Monetary Fund closed its three-year Extended Credit Facility programme in July and has urged the government to convert fiscal gains into investment and jobs .

Madjie's message suggested that the private sector bears as much responsibility as the government in making that conversion happen. The US$10 billion New Economy programme, the 24-Hour Economy policy, and the revised investment law all create a framework—but without businesses that can demonstrate governance, transparency, and bankability, the capital will flow elsewhere.

Key Points:

· GIPA CEO's message: Trust, bankable projects, and de-risking are essential to attract capital; credible financials and governance are non-negotiable

· Legal reform: GIPA Act 2026 (Act 1173) signed July 15, 2026, replacing 2013 legislation; introduces Investor Grievance Mechanism, removes blanket minimum capital requirements, aligns with AfCFTA

· Forum context: 15th Ghana Economic Forum, theme "From Stabilisation to Scale," held three days before 2027 Budget presentation

· FDI trend: Rose from US3bn in 2026

· Domestic capital focus: B&FT CEO calls for mobilising local capital and supporting indigenous businesses through deal room connections.