President John Dramani Mahama has signed into law the Ghana Investment Promotion Authority (GIPA) Bill, repealing the former Ghana Investment Promotion Centre Act.

A statement issued by the Presidency said the legislation was set to reposition Ghana as a top investment destination in Africa and beyond, with streamlined processes that cut red tape and make it easier for investors to establish and operate businesses in Ghana.

It said the new Act guarantees enhanced investor protection by strengthening the legal framework to give both local and foreign investors greater confidence and security, while also improving institutional capacity by empowering the Authority with expanded mandates to promote, facilitate, and monitor investments more effectively.

It noted that the Ghana Investment Promotion Authority was also mandated to boost local enterprise by supporting Ghanaian businesses to scale up and participate meaningfully in the investment ecosystem.

Adding that these were bold steps to accelerate economic growth, create jobs, and position Ghana as the leading investment hub in West Africa.