Ghana Investment Promotion Authority (GIPA) CEO Simon Madjie says Ghana is not relaxing its rules to attract foreign investors.
He insists the country is opening its doors to investment while requiring businesses to comply with its regulations.
Speaking in an interview, Mr Madjie said the aim is to bring investors into partnerships with Ghanaian businesses.
“Ghana is not bending the rules for investors. Ghana has just levelled the playing field to bring in more people to partner with our businesses,” he said.
He stressed that foreign investors must meet the country’s regulatory requirements.
“So they are expected to abide by every single regulation or rule that we have in our country.”
Mr Madjie said some international investors are companies listed on foreign stock exchanges. Compliance is critical for those businesses because their conduct in Ghana could affect their share prices abroad.
He explained that many have established structures that hold them accountable and encourage them to follow the rules.
Turning to the dispute over foreign participation in retail, he said confusion between trade and investment continues to cloud public debate.
Trading involves the exchange of goods and services, he explained. Investment involves committing resources to establish a business, create value and earn returns.
That distinction, he said, does not remove the restrictions on foreign participation in informal retail.
“That’s why I said, in our informal retail space, it is reserved exclusively for Ghanaians. The law reserves it for Ghanaians.”
He said the amount of money a foreign investor brings into Ghana does not grant access to that space.
“So regardless of whatever amount of money you bring in, you are not expected to be there.”
For Mr Madjie, the challenge is enforcement. He called for coordination among the relevant agencies, particularly those responsible for managing markets.
He said the government’s model markets, being built under President John Mahama’s leadership, could help address foreign participation in informal retail. Better regulation and control of those markets, he argued, would make enforcement easier.
Mr Madjie also acknowledged that growing local businesses can make mistakes. These may include difficulties with VAT or tax collection.
He said such challenges are addressed through the agency’s aftercare system.
